US retailer Target Corp's FY20 revenue up 20% to $93.5 bn

04 Mar '21

1 min read

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Target Corporation, a US-based general merchandise retailer, has reported 19.8 per cent revenue growth to $93.5 billion during the complete fiscal 2020 that ended on January 30, 2021 compared to the revenue of $78.1 billion in the previous fiscal. Company’s net earnings for the year grew 33.1 per cent to $4.3 billion (FY19: $3.2 million).

“Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic,” Brian Cornell, chairman and chief executive officer of Target Corporation, said in a press release.

Cost of sales during FY20 increased 20.6 per cent to $66.1 billion ($54.8 billion). Selling, general and administrative expenses were $18.6 billion ($16.2 billion). Company’s operating income jumped 40.4 per cent to $6.5 billion ($4.6 billion).

“As we look ahead to 2021 and beyond, we see continued opportunity to invest in our business and our team, building on the strong foundation we've established to drive market share gains and deliver profitable growth for years to come,” Cornell said.

Fibre2Fashion News Desk (JL)

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