Target Corp revenue grows 21.3% to $22.6 bn in Q3 FY20
November 26, 2020 - United States Of America
Target Corporation, a US-based retail company, has reported 21.3 per cent revenue growth to $22.6 billion in its third quarter (Q3) for fiscal 2020 that ended on October 31, compared to the revenue of $18.4 billion in same period previous fiscal. Company’s net earnings for the quarter rose 41.9 per cent to $1.0 billion (Q3 FY19: $714 million).
“Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a differentiated assortment and a suite of industry-leading fulfilment options —all brought to life through the passion and effort of our team,” Brian Cornell, chairman and chief executive officer of Target Corporation, said in a press release.
Cost of sales for the quarter increased 19.9 per cent to $15.5 billion ($12.9 million). Selling, general and administrative expenses were up 11.9 per cent to $4.6 billion ($4.1 billion). Target Corporation’s operating income jumped 93.1 per cent to $1.9 billion ($1.0 billion).
Company’s digital sales grew 155 per cent, accounting for 10.9 per centage points of Target's comparable sales growth.
“In preparation for the holiday season, we focused first on the safety of our guests and our team, making changes to eliminate crowds while enhancing our fast-growing, contactless options like in-store pickup, Drive Up and Shipt. In a holiday season that will feel different for our guests, we're committed to helping them navigate the season safely, as they find new ways to celebrate with family and friends,” Cornell said.