US retailer Target Corporation reports Q1 FY21 revenue of $24 bn

21 May '21

2 min read

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Target Corporation, a US-based general merchandise retailer, has reported 23.4 per cent revenue growth to $24.1 billion in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the revenue of $19.6 billion in the corresponding period of previous fiscal. The company’s net earnings for the quarter jumped to $2.0 billion (Q1 FY20: $284 million).

“Our performance in the first quarter was outstanding on every measure, and showcased the power of putting our stores at the centre of our strategy. Store comp sales grew 18.0 per cent in the quarter, even as they also fulfilled more than three quarters of Target's digital sales - including more than 90-per cent growth of our same-day services,” Brian Cornell, chairman and chief executive officer of Target Corporation, said in a press release.

According to the company, its store sales increased 18.0 per cent during the quarter, whereas digital comparable sales grew 50 per cent.

Cost of sales during Q1 FY21 increased 15.2 per cent to $16.7 billion ($14.5 billion), while selling, general and administrative expenses were $4.5 billion ($4.0 billion). The company’s operating income for the three month period rose to $2.3 billion ($468 million).

“Given the trust we've built with our guests quarter after quarter and our commitment to adjusting along with them to the ongoing shifts in the macro environment, we're confident in continued comp growth in the second quarter and through the remainder of the year, as well as a healthy full-year operating margin rate,” Cornell concluded.

Fibre2Fashion News Desk (JL)

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