Target Corp beat first-quarter estimates for same-store sales and profit on Wedn...
- Target Corp beat first-quarter estimates for same-store sales and profit on Wednesday, as the retailer’s investments in same-day delivery and store revamps drew in more shoppers, sending its shares up more than 7%.
For the last couple of years, Target has been pouring money into services as it tries to better compete with online giant Amazon.com Inc and brick-and-mortar rival Walmart Inc. These delivery options drove more than 25% of the better-than-expected 4.8% growth in same-store sales and over half of its 42% growth in comparable digital sales in the quarter.
Target’s strategy to build on its pricing and digital plans and open smaller stores in college towns and urban areas helped store traffic rise 4.3% in the quarter.
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