Store brands, online traffic help Target enjoy record second quarter
Minneapolis-based Target announced sizzling 2018 second-quarter earnings, 6.4 percent traffic growth and comparable sales growth of 6.5 percent, the best comp in 13 years, the retailer said in a press release.
The mass merchandiser said it is revamping its business to better compete in an omni-channel environment, and investing some $7 billion in expanding digital operations, remodeling existing stores, launching new smaller-format locations and enhancing its merchandising mix with an array of new store brands.
The moves seem to be paying off. Total sales were up 7 percent from a year ago, Target added, reflecting 0.5 point of growth from new and non-mature stores.
"We are extremely pleased with Target's second
The company’s net income totaled $799 million, or $1.49 per share, compared with $671 million, or $1.21 a share, a year ago. Digital sales grew 41 percent in the second quarter as store customers responded to a larger selection of convenient fulfillment options, updates in merchandising categories and “a higher level of service across the chain.”