Target said rising costs from trying to meet the fast-changing needs of consumers were set to hurt its first-quarter profit and margins, even as it recorded robust online sales
The big box retailer said digital comparable sales surged more than 275% in April, with several days in the month recording more online sales than Cyber Monday, traditionally the busiest day for e-commerce companies.
Target also said it had to write down the value of its inventory for apparel and accessories as shoppers confined to their homes refrained from refreshing their wardrobe, leading to a 40% drop in comparable sales so far in April. “Watching the retail industry decline is not something I enjoy, but I think going forward we’re going to see significant market share opportunities, across our apparel business,” Target Chief Executive Officer Brian Cornell said on a media call.
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