Target Corp Q1 FY20: revenue grows 11.3% to $19.6 bn

25 May '20

1 min read

Pic: Target Corporation

Target Corporation, a US-based retail company, posted 11.3 per cent revenue growth to $19.6 billion in first quarter (Q1) FY20 ended on May 2, 2020 compared to revenue of $17.6 billion in same period prior year. Operating income for the quarter fell 58.7 per cent to $468 million (Q1 FY19: $1.1 billion). Net earnings were $284 million ($795 million).

“Throughout the first quarter, our team and guests faced unprecedented challenges arising from the spread of Covid-19. With our stores at the center of our strategy, and a significant investment in the safety of our team and guests, our operations had the agility and flexibility needed to meet the changing needs of our business,” Brian Cornell, chairman and chief executive officer of Target Corporation, said in a press release.

Selling, general and administrative expenses during the quarter were $4,060 million ($3,663 million). Company reported that store comparable sales increased 0.9 per cent. Digital comparable sales grew 141 per cent.

“With the dedication of our team, the benefit of a sustainable business model and a strong balance sheet, we are confident Target will emerge from this crisis an even stronger retailer, with higher affinity and trust from our guests,” Cornell said.

Fibre2Fashion News Desk (JL)

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