Target Online Efforts Pay Off; Shares Rise Post-Q1
Target shares hit a 52-week high at $218.50 Wednesday, after Q1 revenue jumped 23% to $24.2 billion from the year-ago period. Executives attributed gains to an omnichannel strategy, saying more than 95% of sales were fulfilled by stores. Digital comparable…
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sales grew 50% and same-day services gained 90%, led by drive-up. Drive-up was 5% of digital sales two years ago, growing to 30%-plus in Q1, said CEO Brian Cornell. "Our stores and digital channels complement each other.” He said that "it’s not one vs. the other.” Shares closed up 6.1% at $219.01.