Target’s Third-Quarter Sales Grow 20.7 Percent, Shoppers Enjoy ‘One-Stop Solution’

Target's same-day services such as order pickup grew 217 percent.

MINNEAPOLIS — Citing its multiple shopping channels and merchandising mix, Target Corp. (NYSE: TGT) reported Wednesday that its third-quarter comparable sales grew 20.7 percent compared with the same period a year ago. Digital comparable sales soared 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth. Same-day services such as order pickup grew 217 percent.

“Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a suite of fulfillment options,” said Brian Cornell, chairman and CEO, in a prepared statement. “We’ve seen a deepening level of engagement and trust from our guests. The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels.”

Target benefits from a “one-stop solution,” stated Cornell in an interview with CNBC. In other words, shoppers can pick up multiple items from groceries to apparel in one trip.

Minneapolis-based Target’s stock price closed at $166.85 per share Wednesday, Nov. 18, up from $111.96 per share one year ago.

This month, Target reopened two stores in Minneapolis and Atlanta that were destroyed in May due to riots and civil unrest following the George Floyd tragedy. The Lake Street store in Minneapolis features an additional entrance and a larger food and beverage section. The Buckhead South store in Atlanta features a larger capacity for curbside pickup as well as an enhanced beauty and electronics selection.

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