Target Corporation, the second-largest department store retailer in US, has registered comparable sales growth of 5.1 per cent and traffic growth of 5.3 per cent in Q3 2018, driven by healthy increases in both stores and digital channels. Comparable digital channel sales grew 49 per cent and contributed 1.9 per cent of comparable sales growth.
The total revenue of $17.8 billion increased 5.6 per cent from $16.9 billion last year reflecting sales growth of 5.7 per cent and other revenue growth of 1.6 per cent, said a press release from the company.
The company gained market share across all five of its core merchandising categories.
For the fourth quarter, Target expects comparable sales growth of approximately 5 per cent, consistent with the company’s year-to-date performance through third quarter 2018.
“Our team delivered another outstanding quarter, driving comparable traffic and sales growth of more than 5 per cent and earnings per share growth of more than 20 per cent,” said Brian Cornell, chairman and chief executive officer of Target Corporation. “We’ve made significant investments in our team heading into the holidays and they are ready to serve our guests with a comprehensive suite of convenient delivery and pickup options, a wide range of new products and unique gift ideas and a strong emphasis on low prices and great value. We plan to leverage our current momentum into 2019, when we’ll achieve greater scale across the full slate of our initiatives – creating efficiencies and cost-savings, further strengthening our guest experience and positioning Target for profitable growth in the years ahead.”