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%.
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Sources: marketwatch.com, yahoo.com