Target Chairman and CEO Brian Cornell weighs in on the state of the retailer amidst the coronavirus pandemic in a Yahoo Finance interview.
Target’s physical and digital registers are humming again, in large part to the arrival of stimulus checks to households via the Coronavirus Aid, Relief, and Economic Security Act.
“We are all using our home as our office, educating our kids at home. And we saw a big surge in electronics and office supplies. Like most of us, we’re having a lot of meals at home. So we saw a big uptick in categories like home and kitchen,” Target Chairman and CEO Brian Cornell said on Yahoo Finance’s The First Trade. “When April 15 hit and those stimulus checks arrived, we saw a very different shopping pattern.
Target’s first quarter ended May 2, so it had a few weeks under its belt of consumers receiving their stimulus checks. The late in the quarter consumer spending splurge — seen at some other retailers namely Walmart and Home Depot — powered Target’s first-quarter comparable sales up 10.8%. Digital sales popped 141%. In April alone, digital sales surged 282% as consumers began to shop more discretionary categories such as apparel and home.
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