Target Same-Store Sales Rose More Than 7% In the First Quarter
Updated: Apr 30
CNBC | April 23, 2020
In an interview with CNBC’s “Squawk Box,” Target's CEO Brian Cornell said Target’s investments in online shopping options and its workforce will lead to “market share gains that I think will benefit the brand for years to come.”
Since its fiscal first quarter began Feb. 2, Target’s same-store sales have risen more than 7%, the retailer said. The gain, which compares with an increase of 1.5% in the fiscal fourth quarter, is the result of a doubling of its online sales, partially offset by declines inside its nearly 1,900 brick-and-mortar stores.
Cornell did not provide any specific estimates for its quarterly earnings. But he said higher labor costs, the sale of more low-margin items and write-downs of inventory in apparel and accessories because of a drop in sales will weigh on profits.