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Target Posts Solid 17% Gain in November/December Sales

Target said a surge in digital transactions, as well as same-store sales growth of 4.2%, boosted its overall November/December sales gain past 17%.

Target Corp.  (TGT) - Get Target Corporation Report said Wednesday that its holiday sales grew more than 17%, thanks in part to a surge in online transactions and solid Christmas shopping traffic.

Target said sales over the November and December period rose 17.2% in aggregate, with same-store sales rising 4.2% and digital transactions rising 102%. Target said it continued to gain market share in general merchandise across five core categories, with home and hardlines leading the holiday gains.

Target said the strong trends extended into the new year, but did not publish a specific fourth quarter forecast. 

"The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio. We're very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience," said CEO Brian Cornell "Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety -- adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through Drive Up and Shipt."

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"We've seen continued strong sales trends in the new year, and as we turn to our 2021 plans, our team is focused on continuing to build on the guest engagement and significant market share we gained throughout 2020," he added.

Target shares were closed 1.14% lower Wednesday to finish the session at $196.82 each, a move that would trim the stock's six-month gain to around 67% and value the Minneapolis, Minnesota-based retailer at $95.86 billion.