Q2 Traffic Returned to Target 'in Droves,' Driving 9% Comp Sales Rise
Store traffic returned to Target "in droves" in Q2 as comparable store sales grew 8.7% from Q2 2020, the company reported Wednesday. Overall comp sales growth of 8.9% was driven by traffic, which had a 12.7% year-on-year increase, said CEO…
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Brian Cornell on an earnings call. Digital comp sales growth slowed to 10% from 195% in COVID-19 pandemic-led Q2 2020. Target’s drive-up business continued strong growth, rising 80% for the quarter. It added 5,000 items available for pick-up and the ability within the app to designate an alternate person for pickup, in response to customer feedback. Order pickup grew 30%, while the Shipt delivery service dropped 20% year on year, after 60% growth a year ago, it said. New functionality in the Target app alerts customers to deals so they don’t miss out, said Chief Growth Officer Christina Hennington. When customers add items to their cart, the app will show them all the applicable Target Circle rewards program offers before they check out, she said. Shares closed 2.8% lower Wednesday at $247.55.