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Target posts best quarter in over a decade

Target posts best quarter in over a decade

Target announced this week that the company’s second quarter results were its strongest in more than a decade, fueled by a 6.5% same-store sales increase, as well as a 6.4% increase in customer traffic.

Last year Target began implementation of a strategy that earmarked $7 billion to improve digital operations, expand private label collections, lower prices and remodel stores. The retailer also opened smaller store formats in big cities and near college campuses.

Target’s 2017 purchase of Shipt has paid off as well, as digital sales grew 41% last quarter as compared to a year ago.

According to COO and Executive Vice President John J. Mulligan, “Over the last year, Shipt’s membership base has more than tripled, while orders, revenue and gross merchandise volume are two-to-three times higher.”

Total revenue for the quarter reached $17.8 billion, a 6.9% increase compared to the same quarter a year ago.