Target in Richmond, TX | Source: Target Corp.

Minneapolis-based Target Corp. reported its first quarter earnings today, with results crushing estimates to kick off 2021 much where 2020 left off.

The retailer’s omnichannel fulfillment model continues to win with more than 95% of digital orders fulfilled utilizing a brick-and-mortar Target store. Sales spiked 23% as total revenues grew to $24.1 billion versus $19.6 billion in the first quarter of last year.

“Our performance in the first quarter was outstanding on every measure and showcased the power of putting our stores at the center of our strategy,” says Target Chairman and CEO Brian Cornell. Store comp sales grew 18% percent in the quarter, even as they also fulfilled more than three-quarters of Target’s digital sales —  including more than 90% growth of our same-day services. Importantly, market-share gains of more than $1 billion in the first quarter, on top of $1 billion in share gains a year ago, demonstrate Target’s continued relevance with our guests, even as they have many more shopping options compared with a year ago.”

Related: State of the Industry Q&A 2021: Target

As the toy industry awaits the overdue public release of The NPD Group’s Q1 U.S. toy industry sales report, the results from Target reflect much of the same positivity that has been seen throughout the industry.

On a call with investors and analysts this afternoon, Christina Hennington, Target’s recently-promoted executive vice president and chief growth officer highlighted the exceptional 30% growth in the company’s hardlines departments.

“Results were led by sporting goods and toys, which both saw comps above 40%,” she says.

In recent years, Target has placed increased emphasis on its toy and game selection, including a recent partnership with FAO Schwarz during the last holiday season, and an increasing amount of exclusive toys and collectibles from major brands and emerging companies.

About the author

James Zahn

James Zahn

James Zahn, AKA The Rock Father, is Editor-in-Chief of The Toy Book, a Senior Editor at The Toy Insider and The Pop Insider, and Editor of The Toy Report, The Toy Book‘s weekly industry newsletter. As a pop culture and toy industry expert, Zahn has appeared as a panelist and guest at events including Comic-Con International: San Diego (SDCC) Wizard World Chicago, and the ASTRA Marketplace & Academy. Zahn has more than 30 years of experience in the entertainment, retail, and publishing industries, and is frequently called upon to offer expert commentary for publications such as Forbes, Marketwatch, the Wall Street Journal, the New York Times, USA Today, Reuters, the Washington Post, and more. James has appeared on History Channel’s Modern Marvels, was interviewed by Larry King and Anderson Cooper, and has been seen on Yahoo! Finance, CNN, CNBC, FOX Business, NBC, ABC, CBS, WGN, The CW, and more. Zahn joined the Adventure Media & Events family in 2016, initially serving as a member of the Parent Advisory Board after penning articles for the Netflix Stream Team, Fandango Family, PBS KIDS, Sprout Parents (now Universal Kids), PopSugar, and Chicago Parent. He eventually joined the company full time as a Senior Editor and moved up the ranks to Deputy Editor and Editor-in-Chief.