Target has seen a sharp increase in online sales, as shoppers try to limit time inside stores or avoid the trips altogether during the coronavirus p
Target has seen a sharp increase in online sales, as shoppers try to limit time inside stores or avoid the trips altogether during the coronavirus pandemic, CEO Brian Cornell said in comments released Thursday.
That trend has worked in the discount retailer’s favor, and it expects to emerge from the coronavirus pandemic having gained market share, Cornell said in a call with reporters.
Since its fiscal first quarter began Feb. 2, Target’s same-store sales have risen more than 7%. The gain, which compares with an increase of 1.5% in the fiscal fourth quarter, is the result of a doubling of its online sales, partially offset by declines inside its nearly 1,900 brick-and-mortar stores.
In an interview with CNBC’s Squawk Box on Thursday morning, Cornell said Target is trying to figure out if customers’ new shopping patterns are here to stay.
“We are spending a lot of time trying to understand how the pandemic is going to change the future of how American consumers shop, how they live, how they work, the things that they value,” he said. “But it’s been really hard to predict week by week.”
Benefiting from investments
One factor that has helped Target is the…