Target Corp sales rise 24.8% to $22.9 bn in Q2 FY20

21 Aug '20

2 min read

Pic: Target Corporation

Target Corporation, a US-based retail company, has reported 24.8 per cent revenue growth to $22.9 billion in its second quarter (Q2) fiscal 2020 ended on August 1, 2020 compared to the revenue of $18.4 billion in same period previous fiscal. Company’s net earnings for the quarter rose 80.3 per cent to $1.6 billion (Q2 FY19: $938 million).

“Our stores were the key to this unprecedented growth, with in-store comp sales growing 10.9 per cent and stores enabling more than three-quarters of Target's digital sales, which rose nearly 200 per cent. We also generated outstanding profitability in the quarter, even as we made significant investments in pay and benefits for our team," Brian Cornell, chairman and chief executive officer of Target Corporation, said in a press release.

Selling, general and administrative expenses during Q2 FY20 were $4.4 billion ($3.9 billion). Operating income for the quarter jumped 73.8 per cent to $2.3 billion ($1.3 billion).

“We remain steadfast in our focus on investing in a safe and convenient shopping experience for our guests, and their trust has resulted in market share gains of $5 billion in the first six months of the year. With our differentiated merchandising assortment, a comprehensive set of convenient fulfilment options, a strong balance sheet, and our deeply dedicated team, we are well-equipped to navigate the ongoing challenges of the pandemic, and continue to grow profitably in the years ahead,” Cornell said.

Fibre2Fashion News Desk (JL)

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