Early on Wednesday TARGET (NYSE:TGT) reported its Q1 financial results.
Here are the key numbers for TGT financial results:
•First quarter comparable sales grew 10.8 percent, driven by a 12.5 percent increase in average basket, as guests made fewer, bigger shopping trips.
•Store comparable sales increased 0.9 percent. Digital comparable sales grew 141 percent, accounting for 9.9 percentage points of Target’s comparable sales growth.◦Digital comparable sales accelerated every month in the quarter, from 33 percent in February to 282 percent in April.
◦Stores fulfilled nearly 80 percent of Target’s first-quarter digital sales.◦Same-day services (Order Pick Up, Drive Up and Shipt) grew 278 percent and accounted for approximately 5 percentage points of total TGT comparable sales growth.
•Target saw healthy market-share gains across all five of its core merchandise categories.
•First quarter GAAP EPS from continuing operations were $0.56, and Adjusted EPS1 were $0.59. This performance reflected hundreds of millions of dollars of incremental team member pay and benefits and investments to protect the health and safety of guests and team members.
“Throughout the first quarter, our team and guests faced unprecedented challenges arising from the spread of COVID-19. In the face of those challenges, our team showed extraordinary resilience as guests relied on Target as a trusted resource for their families. With our stores at the center of our strategy, and a significant investment in the safety of our team and guests, our operations had the agility and flexibility needed to meet the changing needs of our business,” said Brian Cornell, chairman and CEO of Target Corporation. “With the dedication of our team, the benefit of a sustainable business model and a strong balance sheet, we are confident Target will emerge from this crisis an even stronger retailer, with higher affinity and trust from our guests.”
TGT stock price closed at $123.17 on Tuesday which is only $5 lower compared to its all time high price.