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Target's 1Q profit surges as shoppers go out and spend

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www.clickorlando.com

NEW YORK – Target Corp. on Wednesday reported that its sales and profits surged in its fiscal first quarter thanks to shoppers eager to spend as they emerge from the pandemic.

The Minneapolis-based discounter said that its sales at stores opened at least a year rose 18% in the three-month period that ended May 1.

That was after a 6.9% increase in its fiscal fourth quarter. Online sales soared 50% after rocketing 118% in the prior quarter.

Target also offered an upbeat sales outlook. During the height of pandemic-induced lockdowns last year, Target had been considered a lifeline as shut-in shoppers stocked up on groceries and other basic items and relied on its delivery services.

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