MINNEAPOLIS — Riding on the strength of digital sales, Target Corp. (NYSE: TGT) reported that its fourth-quarter sales grew 20.5 percent compared with the same period a year ago. The Minneapolis-based retailer’s quarter ended Jan. 30. Comparable store sales increased 6.9 percent while digital sales grew 118 percent, accounting for two-thirds of the company’s overall growth. Same-day services such as order pickup grew 212 percent, led by more than 500 percent growth in drive-up services.
CNBC reported that Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks.
For the year, Target’s 2020 sales growth of more than $15 billion was greater than the company’s total sales growth over the prior 11 years.
“Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” said Brian Cornell, chairman and CEO, in a news release.
Target’s stock price opened at $190.27 per share Tuesday, March 2, up from $109.06 per share one year ago.