Target Reports Its Best Year In A Decade

A generally good year and an excellent holiday shopping season have helped Target finish up its best year in over a decade. Target’s in-store sales grew 5% last year at all locations that have been open for over a year.

The sales data and other metrics point to a Target that is healthier than it has been in a while. An already excellent 2018 saw a holiday season that helped boost sales by 5.3% for the most recent quarter. Online sales also grew by 31% this holiday season. As for the products responsible for these excellent growth figures, clothes and furniture sales were up amid a strong economy and the holiday season. While online sales grew by the most visible margin, foot traffic into Target locations has also increased.

Target CEO Brian Cornell seems to believe that the company’s business model has been a strong stabilizing force. Cornell told investors at a Tuesday meeting “We have built a successful, durable model […], every piece of our strategy is working.”

Target (TGT) stocks rose by just over 4% to approximately $75 per share during early trading on Tuesday.

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5 years ago