Minneapolis — Target Corp. (NYSE: TGT) has released its first-quarter 2020 results for the period ending May 2. The Minneapolis-based company’s total sales grew 10.8 percent, reflecting digital sales growth of 141 percent. Total revenue of $19.6 billion grew 11.3 percent compared with last year. However, operating income was $468 million in the first quarter, down 58.7 percent from first-quarter 2019. Target says it experienced a slowdown in apparel and accessories sales as guests stocked up on categories like essentials and food and beverage. It also experienced “unusually strong digital volume.” Due to the coronavirus, Target invested roughly $500 million in cleaning and safety measures as well as extra pay and benefits for its employees.
Target Releases First-Quarter Earnings, Experiences Surge in Digital Sales