Business & Investment

Target sales and outlook improve when shoppers return to the store Reuters

© Reuters. File Photo: On November 14, 2017, a shopping cart is displayed at a target store in Brooklyn, New York City, USA. REUTERS / Brendan McDermid

By Aishwarya Venogopal

(Reuters)-US shoppers returning to store before new semester helped the goal Corp (NYSE :) predicts same-store sales growth will increase after above Wednesday’s quarterly forecast, despite a sharp drop in online demand from a pandemic high.

Traffic to stores increased by about 13% in the second quarter. This is in contrast to a year ago when customers relied on the company’s rapid delivery service for pandemic-related shopping needs.

In addition to the results from the day before rival Wal-Mart (NYSE :), vaccination and relaxation of restrictions prompted more people to leave, targeting pre-pandemic behavior among US shoppers. I showed that I was back in.

“The United States is still accepting stores, and the traffic we see shows that stores continue to play an important role,” said Brian Cornell, CEO of Target. I’m doing it. “

Executives also showed a “meaningful” change in the online services used by shoppers, with same-day services such as in-store pickup and driving increasing 55% quarterly, but courier orders declined.

Digital comparison sales increased 10%, but increased 195% year-over-year and 50% in the first quarter.

Overall, comparable total sales increased 8.9% more than expected, and retailers bet on strong momentum from new semester demand for clothing and stationery, resulting in single-digit high growth in second-half sales. I predicted. ..

Target has not seen any adjustments to consumer behavior so far, as variants of the delta coronavirus have caused a surge in infections, raising concerns about the pace of economic recovery.

Cornell University said, “We are currently seeing very healthy and resilient consumers. Appropriately cautious, but still very optimistic and excited about new and new semesters. “.

Target shares, which also announced a new $ 15 billion share buyback program, rose about 45% this year, almost flat in the morning trading.

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Target sales and outlook improve when shoppers return to the store Reuters

https://www.investing.com/news/stock-market-news/target-sales-beat-as-shoppers-go-back-to-stores-online-buying-sags-2593001 Target sales and outlook improve when shoppers return to the store Reuters

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