Target set records in the second quarter. Comparable sales grew 24.3%, and digital sales grew 195%. The retailer cited its essential store status and digital services as key factors contributing to its sales growth.
The stellar numbers come on the heels of Walmart's earnings beat, posted on Tuesday, in which the retailer reported e-commerce sales growth of 97%. Like Walmart, Target made big investments in e-commerce long before the pandemic drove so much business online, and now those investments are paying off. And like Walmart, Target refused to make predictions about the rest of the year.
Target declined to offer further 2020 guidance, saying that the COVID-19 crisis makes consumer shopping patterns and government policies unpredictable.