Target topped expectations in just about any way measurable during the second quarter as it pushed faster delivery for customers and invested heavily in new private label brands.
Comparable store sales, which include online sales, rose 3.4 % as customer traffic jumped 2.4%. The measure includes sales at stores open at least a year and online sales. Sales at established stores rose 1.5 %. Online sales soared 34%.
Target raised profit expectations for the year, sending shares up sharply Wednesday.
Target is underscoring the successes of big box giants in checking the advance of Amazon.com. Walmart raised its outlook for the year last week after a very strong quarter.
FILE – In this June 3, 2019, file photo a shopping cart sits in the parking lot of a Target store in Marlborough, Mass. Target Corp. reports financial results Wednesday, Aug. 21. (AP Photo/Bill Sikes, File)Both have expanded their online presence, populated shelves with new merchandise, and modernized stores.