Target's online sales skyrocketed 141% last quarter as the big box chain benefited from Americans shopping in bulk from their homes during the pandemic. But Target's profit last quarter fell from a year ago because of higher supply chain and labor costs.
Digital sales, which include home delivery and curbside pickup, accelerated as the outbreak spread. In February, Target's online sales grew 33% compared with the year prior. By April, they jumped 282%, Target said Wednesday.Target's sales at stores open for at least one year grew 10.8% during the quarter compared with the same period last year. However, sales growth came at a cost.
Target's profit last quarter fell from a year ago because of higher supply chain and labor costs. Additionally, shoppers bought mostly groceries and daily essentials during the pandemic, instead of clothing. Groceries carry lower profit margins than clothing and other items.Target's stock ticked up during pre-market trading Wednesday. Target's stock has jumped 74% in the last year.
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