April 28, 2020
Photo by istock.com
Despite the ongoing COVID-19 pandemic Target is seeing healthy same-store sales with April’s figures climbing 5% compared to a year ago despite a double digit dip in overall store sales.
That boost was due to a 275% spike in digital sales, according to a Market Watch report, while same-store sales in apparel dropped 40% and food and beverage sales climbed 12%.
The retailer, according to the report, expects profitability to be impacted by a slew of trends, including inventory write downs and investments in pay and benefits. Target recently announced it was extending a $2 an hour wage increase through the end of May as employees continue to work during the coronavirus pandemic.
Please check here for more news and insight on how COVID-19 is impacting the retail industry.
Topics: Retail – Supermarkets & Grocery Stores, Coronavirus / COVID-19, Top 100 Retail, Retail – Apparel, Customer Experience, Consumer Behavior, Marketing, Omnichannel, E-commerce
Companies: Target