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Target Q1 Comparable Sales Grew 10.8%, Digital Comparable Sales Grew 141%

First quarter comparable sales grew 10.8 percent, driven by a 12.5 percent increase in average basket, as guests made fewer, bigger shopping trips. Store comparable sales increased 0.9 percent. Digital comparable

Benzinga · 05/20/2020 10:31
  • First quarter comparable sales grew 10.8 percent, driven by a 12.5 percent increase in average basket, as guests made fewer, bigger shopping trips.
  • Store comparable sales increased 0.9 percent. Digital comparable sales grew 141 percent, accounting for 9.9 percentage points of Target's comparable sales growth.
    • Digital comparable sales accelerated every month in the quarter, from 33 percent in February to 282 percent in April.
    • Stores fulfilled nearly 80 percent of Target's first-quarter digital sales.
    • Same-day services (Order Pick Up, Drive Up and Shipt) grew 278 percent and accounted for approximately 5 percentage points of total Company comparable sales growth.
  • The Company saw healthy market-share gains across all five of its core merchandise categories.
  • First quarter GAAP EPS from continuing operations were $0.56, and Adjusted EPS1 were $0.59. This performance reflected hundreds of millions of dollars of incremental team member pay and benefits and investments to protect the health and safety of guests and team members.