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.