Article Hero

Better than expected Q1 results for Target

1589982729.jpg
Miguel A. Rodriguez
Miguel A. Rodriguez
14 September 2020
Target completes the triad of retail department stores that have had a good Q1.

Earlier today, Target, the American retail corporation, released its financial report for the previous quarter.

Q1 net income was $284 million, less than half of last year’s $795 million. FactSet was looking for $19.02 billion in revenue, but the result exceeded it: $19.62 billion. Also, it’s on a growing trend from last year's $17.63 billion.  

DriveUp, same-day services, and other programs meant to allow customers to shop online, pick-up from the store, or deliver service skyrocketed by 278%. But Target is not the only one whose digital usage increased. Walmart and Home Depot saw increases in online shopping of 74%. 

Moreover, the sales in the food and beverage departments increased by 20%. The only category that disappointed was the “apparel”, which was down 20%.

Target thickened the row of those who spent money on improving its employees' situation during the pandemic. $500 million went to increase the wages for those working in the frontline, and for enhancing safety and sanitary measures. Its counterparts, Walmart and Home Depot, spent $900 million, and $850 million, respectively.  

In pre-market, the stock price gained 0.2%. Over the past year, stocks gained 71%, while USA500 added 3%. 

Stay updated with the latest financial news! Register now and see what Capex has to offer!

Sources: marketwatch.com, yahoo.com


disclaimers_articles

article_share_title

article_rating_title

awful
ok
great
awesome

read_more

Miguel A. Rodriguez
Miguel A. Rodriguez
financial_writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.