Target, an American fashion retailer has posted 8.9 percent growth in comparable sales on top of record growth of 24.3 percent last year. And its second quarter ended on 31 July.
According to Brian Cornell, chairman, and CEO of Target Corporation, Over the last two years, second-quarter total sales have climbed more than 36%, or more than $6.6 billion.
While the comparable sales surged by 8.7 percent during the quarter, the digital comp sales jumped by 10 percent.
Notably, it was 24.3 percent comparable sales growth in the second quarter of 2020.
Brian Cornell said that Q2 this year saw the retailer continue with an impressive performance and grow on both top and bottom lines.
Another unusual aspect was that the back-to-school spending has started strong a positive result that Target hopes to continue with all through the third quarter.
After an impressive second quarter, the retailer has now increased its guidance for the remaining year. And also expects comparable sales to show high single-digit growth.
Besides that it expects the operating income margin to be 8 percent or more this year.
Brian Cornell said, “In the second quarter, our business generated continued growth on top of record increases a year ago, reinforcing Target’s leadership position in retail. We’ve spent years building and investing in the durable model we have today, which is supported by a differentiated strategy and the best team in retail.”
Also, after unprecedented growth over the last two years, they can see much more opportunity ahead of them. Actually, they are learning opportunities to invest in the long-term growth and elasticity of their business.
“Our team and operating model can seamlessly adapt to changes in the environment, and we’re well-positioned to deliver outstanding performance in the back half of the year,” Cornell added.