Target, an American apparel store, reported an 8.9 percent increase in comparable sales in its second quarter, which concluded on July 31.
On Wednesday (18 August), the store stated that its comparable sales rise was completely driven by traffic.
While comparable sales increased by 8.7% during the quarter, digital comp sales increased by 10%. Notably, comparable sales increased by 24.3% in the second quarter of 2020.
Target, the world’s 8th largest retailer, has increased its guidance for the remaining year, and expects comparable sales to show high single digit growth. It also expects the operating income margin to be 8 per cent or more this year. In the last two years, Target, in Q2 total sales shot up by over 36 per cent (over US $ 6.6 billion) – a positive result that it hopes to continue through the third quarter.
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