Target cites omnichannel synergies for nearly 13% Q3 comp-sales gain

'Traffic was the primary driver of this year’s growth,’ CEO Brian Cornell says


Russell Redman, Supermarket News 

Nov 17, 2021


Target Corp. built on strong prior-year growth with double-digit net and comparable sales gains in its fiscal 2021 third quarter, generating earnings per share well above Wall Street’s forecast.


For the quarter ended Oct. 30, net sales rose 13.2% to $25.29 billion from $22.34 billion billion a year earlier, when sales climbed 21.3%. Total revenue came in at $25.65 billion, up 13.3% year over year, Minneapolis-based Target said Wednesday.


Third-quarter comparable sales advanced 12.7%, including growth of 9.7% for stores and 28.9% for e-commerce, Target reported. That compared with overall comp-sales growth of 20.7% (9.9% in stores and 155% in digital channels) in the fiscal 2020 quarter.


Transaction count surged 12.9% in the 2021 quarter, up from 4.5% a year ago, but the average ticket size dipped 0.2% versus a prior-year gain of 15.6%.


“Consistent with recent quarters, traffic was the primary driver of this year’s growth, as our guests increasingly turn to Target to serve their wants and needs,” Chairman and CEO Brian Cornell told analysts in a conference call on Wednesday...


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