Target Corp beat expectations for earnings and raised its full-year outlook on W...
- Target Corp beat expectations for earnings and raised its full-year outlook on Wednesday as its investments in same-day delivery and pick-up services increased traffic to its website and stores, sending shares 19% higher.
Target said one out of five customers who used its same-day service in the quarter were new, with shoppers collecting their orders from stores within a couple of minutes of placing them through the company’s mobile app or website. Like Walmart it has refitted its business to deal with the challenge presented by Amazon and other online retailers, also developing its line of own-brand goods to boost profits.
The company’s stock, which had already risen 29% this year, jumped 19% to a record high of $102.02, driving gains in other retail players and adding to broad gains for Wall Street.The quicker deliveries, Target executives said, also powered profitability as margins expanded for the first time in nearly three years, rising 30 basis points to 30.6% in the quarter.
Target’s comparable sales rose by a better-than-expected 3.4% as demand for apparel, toys and beauty products rose. Late in the quarter, the retailer also benefited from back-to-school promotions.
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