Retailers

Target Comp-Store Sales Climb 17.2% During Holidays

CEO Brian Cornell pleased with momentum as traffic, average tickets rise
Target basket sanitization
Photograph courtesy of Target

Target Corp. reported that comp-store sales rose 17.2% year over year in November and December 2020, as comparable digital sales climbed 102% and store-originated sales rose 4.2%.

"We're very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience," Chairman and CEO Brian Cornell said in a news release. 

Traffic rose 4.3%—no small feat as COVID-19 continued to broadly affect consumers' shopping behaviors heading into and during the holidays—and average tickets rose 12.3% during November and December. In comparison, for the third quarter of 2020, Target reported a traffic increase of 4.5% and an average ticket increase of 15.4%.

Orders placed for same-day fulfillment using Drive Up and Shipt powered same-day sales growth for the company. Drive Up sales grew more than 500%—as they did also for all of Target's third quarter—and sales fulfilled via Shipt rose more than 300%.

The Minneapolis-based retailer was closed on Thanksgiving in 2020 for the first time since 2011, and in a separate blog post Jan. 13, Target announced that it will be closed this Thanksgiving too. "The response was so positive that we’ll carry it forward this year," the post states. "This is just one example of how our evolving strategy is meeting the needs of our business and our guests."

Target reported seeing market share gains for the holiday period in all five of its merchandising categories. Among these, food and beverage growth was "in line with the company average," according to Target's news release. (Food and beverage was the only category for which the company didn't provide a specific number or range to indicate the category's growth.) In comparison, sales in the home and hardlines categories grew more than 20%.

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