The holiday season struck a bullseye for Minneapolis-based Target Corp.
While Q4 and full-year reporting is still a ways off, Target offered its traditional holiday performance update this week. The retailer scored big with a 17.2% sales increase in November/December with a 4.2% increase in store-originated comparable sales. Digital sales grew 102%.
As more families were home for the holidays in 2020, Target says that its curated assortment of “holiday gifts and toys, foods, apparel, décor, and essentials” provided consumers “with everything they needed to make the most of their time together.” Traffic increased by 4.3% while the average ticket price spiked 12.3%.
“The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” says Target Chairman and CEO Brian Cornell. “We’re very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient, and inspirational experience. Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety — adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through Drive Up and Shipt.”
Target’s omnichannel strategy continues to pay off as it leverages its store base to fill digital orders. During the holiday season, physical stores played a part in 95% of digital orders.
Additionally, Target says that some changes in 2020 will carry over. All Target stores will once again be closed on Thanksgiving Day.
