Target Grabs Sales From Rivals Amid Pandemic – The Wall Street Journal

Target Corp. said sales rose steadily in its most recent quarter, as demand for household goods and home office supplies continued to grow during the pandemic, while shopping shifted online.

Comparable sales, those from stores or digital channels operating for at least 12 months, increased 20.7% in the quarter ended Oct. 31, as more shoppers came to stores and spent more during each visit and as online sales soared. Digital comparable sales grew more than twofold during the quarter, the company said.

Target’s comparable sales rose 24.3% in the quarter ended Aug. 1, a high for the retailer.

After an uncertain start to the school year, back-to-school sales picked up in late August and September, CEO Brian Cornell said Wednesday on a call with reporters.

Even after the spending impact of spring stimulus checks and pandemic-related supplemental unemployment benefits petered out, Target continued to log about 20% sales growth in September and October, Mr. Cornell said.