Target hits on all cylinders in the fourth quarter
MINNEAPOLIS (AP) — Strong online sales, traffic growth in newly remodeled stores and expanded delivery options pushed Target beyond most expectations in the crucial fourth quarter, when retailers ring up holiday sales.
Target, which is fighting with Walmart as well as Amazon for online dominance, reported a 31 percent spike in comparable digital sales Tuesday, which contributed 2.4 percentage points to comparable sales growth. Comparable sales, which include store and online sales, rose 5.3 percent, better than the 5 percent that industry analysts had expected, according to a survey by FactSet.
But it also recorded a 4.5 percent tick higher in store traffic, where the company has dedicated billions of dollars to update and modernize.