Target Sales Soar as Restrictions Ease Up

Liz Fe Lifestyle

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Target

Target, the eighth largest retailer in the United States, is making both headlines and major profits as the pandemic approaches its end. Now that restrictions are easing up, shoppers have enthusiastically returned to physical stores in search of not just food and essentials, but summer gear and home decor as well. Sales soared up to 23 percent in the first quarter.

Americans are finally shopping like they have people to meet and places to be. This shift back to normal, pre-pandemic consumer patterns has led to a rise in sales of dresses, cosmetics, sporting goods and more.

“In the first quarter, apparel sales rose more than 60%, home goods were up about 35% and items like appliances and sporting goods increased more than 30%.”

Items in these categories tend to have a wider profit margin, leading Target to report a record-breaking profit of $2.1 billion, seven times more than last year’s earnings. Target’s stock has reached an all-time high of $227.67 as of today and looks to keep rising. According to Target’s CEO, Brian Cornell, the profits that Target has been making, especially in the first quarter, feels like a step toward a post-pandemic world. The distributions of vaccines and federal stimulus checks also contribute to a “rosier outlook.”

Target isn’t the only retailer making waves. Other stores such as Walmart, Macy’s, and Home Depot are also reporting high numbers in sales, indicating signs of normalcy and that the pandemic is coming to a conclusion. No other retailer has achieved anything close to Target’s performance, though. The retailer giant surpassed well above their competitor, Walmart’s numbers, showing how the pandemic has actually given them an advantage.

Despite the popularity of online shopping, it’s looking like physical retail stores aren’t going away anytime soon. Target expects another profitable second quarter, with sales climbing at a high single digit pace. They are projected to perform well above last year’s operating profit margin of 7.2 percent.

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