Target (Minneapolis) announced its latest quarterly financial earnings, which revealed better-than-expected second quarter results across the board.
For instance, revenue, traffic growth and same-store sales all increased by more than 6 percent each. The same-store sales increase of 6.5 percent was the retailer’s fastest growth in 13 years, and its traffic growth of 6.4 percent was the strongest increase since the company began reporting the metric in 2008.
Comparable digital sales rose 41 percent during the quarter, which was boosted by its one-day sale that it hosted during July to compete with Amazon’s (Seattle) Prime Day.
According to Retail TouchPoints, these strong metrics are a result of the “enormous” investments the retailer has made recently, which includes opening and remodeling new stores (which will total $7 billion in investments over three years), offering new brands and providing same-day pickup and delivery services.