Target's profit surges as Americans cast restrictions aside | www.WDIO.com

Target's profit surges as Americans cast restrictions aside

Target's profit surges as Americans cast restrictions aside Photo: WDIO-TV

ANNE D'INNOCENZIO, AP Retail Writer
Updated: May 19, 2021 04:57 PM
Created: May 19, 2021 03:41 PM

NEW YORK (AP) — Target's sales and profits surged in the first quarter as its customers, emerging from the pandemic, returned in big numbers to its stores for dresses, cosmetics and luggage.

Sales at stores opened at least a year jumped 18% in the three-month period that ended May 1. That follows a 6.9% increase in the previous quarter.

Online sales soared 50% after rocketing 118% higher in the final quarter of 2020.

The Minneapolis-based chain also offered an upbeat sales outlook Wednesday and shares jumped to an all-time high.

Target joins Walmart, Home Depot and Macy’s in posting strong results for the fiscal first quarter, indicating that newly vaccinated shoppers are ready to spend.

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ANNE D'INNOCENZIO, AP Retail Writer

Copyright 2021 The Associated Press. All rights reserved.

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