Target downshifts to focus on COVID-19
While Target pulled its financial guidance call on Wednesday, March 25, to discuss the first quarter and fiscal year, the retailer did say it’s experiencing unusually high sales growth as shoppers react to the coronavirus pandemic.
The retailer said it's “experiencing unusually strong traffic and sales” in stores and with same-day pickup and delivery services. The month has seen sales increase by more than 20% from last year, with food and beverage up a jaw-dropping 50% from last year."We are prioritizing the work that's in front of us to support our team, store operations and supply chain as families across the country rely on Target for everything they need in this challenging environment. I want to thank our entire team for their efforts, which have been nothing short of heroic," said Brian Cornell, chairman and CEO of Minneapolis-based Target.
"Over the past few weeks, we've experienced an unprecedented surge in traffic and sales, as guests rely on our stores and same-day services. Ensuring we can take care of our team and deliver for the millions of guests who are counting on us remains our top priority.”
Target will also shift expectations around how many stores it plans to remodel and new ones to open in the year ahead.
Read more here on how Target is taking care of stores and comments on the month in sister publication Progressive Grocer.