Target says digital sales soared 141% in first quarter
Target Corp. beat first-quarter earnings and revenue expectations with help from its digital sales capabilities as e-commerce grew by 141% during the period.Target TGT, -1.10% reported first-quarter net income of $284 million, or 56 cents per share, down from $795 million, or $1.53 per share, last year. Adjusted EPS of 59 cents beat the FactSet consensus of 44 cents.
Read:Bubble Wrap maker Sealed Air and Simplehuman CEO are prepping for a touchless future after the coronavirus pandemic For Target, the stay-at-home period was also a chance for consumers to see the investment that the company has been making in the food and beverage categories over the past few years. Sales in these items grew 20%.
Walmart said it spent about $900 million, and Home Depot spent $850 million in the most recent quarter.
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