- Online sales at
Target soared by 141% during the first quarter of 2020. - Demand for its same-day services, such as buy online pick up in-store, also grew by 278%.
- Operating income was down 58.7% thanks to the increased cost of being able to stay open during this time.
Online sales at Target have skyrocketed during the
The big-box store reported its first-quarter earnings early Wednesday morning – digital sales were up 141% during the quarter versus the year before; soaring 282% in April alone.
In a call with investors after reporting earnings, CEO Brian Cornell said that on an average day in April, Target was fulfilling more online orders than on Cyber Monday, one of the busiest shopping days of the year.
Demand for its same-day services, including its buy online pick up in-store and delivery through Shipt options, also grew by 278% during the quarter.
Operating income, a measure of the company's profitability, was down 58.7%, however, thanks to the increased cost of being able to stay open and as close to business as usual during this time.
"This is the reality of
According to research from GlobalData, around 13.8 million shoppers that don't usually use Target visited its store or online platform for the first time during this period. Experts say that this could spell trouble for Amazon long-term, which had experienced difficulties in delivering and fulfilling their orders in a timely way during the height of the pandemic.
Consumers are becoming "increasingly aware that