Minneapolis — Target Corporation has released its first quarter 2021 financial results, which reflect robust growth in both sales and profitability. Highlights include:
- Q1 comp sales grew 22.9%, on top of 10.8% growth last year.
- Store comp sales increased 18%, on top of 0.9% growth last year.
- Digital comp sales grew 50%, on top of 141% growth a year ago.
- Same-day services (Order Pickup, Drive Up and Shipt) grew more than 90%, led by growth in Drive Up of 123%.
- More than 95% of Target’s Q1 sales were fulfilled by its stores.
- The company also gained more than $1 billion in market share during the first quarter, on top of a $1 billion share gain in first quarter 2020.
“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. Store comp sales grew 18% 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,” says Brian Cornell, chairman and CEO of Target Corporation.
Minneapolis-based Target Corporation has more than 1,900 stores. For more information, visit www.Target.com/Pressroom.
SOURCE: Target Corporation