Target’s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and store traffic picked up in January.
Shares were down nearly 5% Tuesday afternoon.
The big-box retailer has benefited during the pandemic as shoppers look for easy and safe ways to buy groceries and other items. Its 2020 sales grew by more than $15 billion — greater than its total sales growth over the prior 11 years.
Target already reported holiday sales, but its online sales gained momentum as Americans received $600 stimulus checks. The extra dollars in people’s pockets boosted sales across the retail industry, with sales jumping 5.3% in January, according to a government report.CNBC