US retailer Target Corp continues growth momentum in May-July FY21

19 Aug '21

2 min read

Pic: Target Corporation

Target Corporation, a US-based general merchandise retailer, has reported 9.4 per cent rise in its revenue to $24.8 billion in second quarter (Q2) of FY21 ended on July 31, 2021, compared to the revenue of $22.7 billion in the same period of prior fiscal. The company’s net earnings for the quarter surged 7.4 per cent to $1.8 billion (Q2 FY20: $1.7 billion).

“In the second quarter, our business generated continued growth on top of record increases a year ago, reinforcing Target's leadership position in retail. We've spent years building and investing in the durable model we have today, which is supported by a differentiated strategy and the best team in retail,” Brian Cornell, chairman and CEO of Target Corporation, said in a press release.

Digital comparable sales for the reported period grew 9.9 per cent compared to 195 per cent growth in Q2 FY20. The company’s operating income was up 7.2 per cent to $2.4 billion ($2.3 billion).

“Even after unprecedented growth over the last two years, we see much more opportunity ahead of us, and we're leaning into opportunities to invest in the long-term growth and resiliency of our business,” Cornell added.

For the second half of FY21, the US retailer expects high single digit growth in comparable sales, near the high end of the previous guidance range.

Fibre2Fashion News Desk (JL)

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