Target’s First-Quarter Sales Rise 23 Percent, Pickup Services Grow 90 Percent

by Kristin Harlow

MINNEAPOLIS — Target Corp. (NYSE: TGT) reported that its first-quarter comparable sales grew 23 percent, driven partly by a surge in pickup services. Same-day services such as order pickup and drive-up increased more than 90 percent in the quarter, which ended May 1. Store comparable sales for the Minneapolis-based retailer increased 18 percent, while digital comparable sales grew 50 percent. Target stores fulfilled more than three quarters of its digital sales, according to Brian Cornell, chairman and CEO. The retailer generated $24.2 billion in total revenue for the first quarter, up 23.4 percent from the same period a year ago. Target’s stock price opened at $210.31 per share Wednesday, May 19, up from $123.17 per share one year ago. The retailer operates more than 1,900 stores nationwide.

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