{"id":108409,"date":"2021-03-02T13:10:17","date_gmt":"2021-03-02T13:10:17","guid":{"rendered":"https:\/\/fin2me.com\/?p=108409"},"modified":"2021-03-02T13:10:17","modified_gmt":"2021-03-02T13:10:17","slug":"target-same-day-delivery-store-pick-up-demand-fires-up-holiday-quarter-sales","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/target-same-day-delivery-store-pick-up-demand-fires-up-holiday-quarter-sales\/","title":{"rendered":"Target same-day delivery, store pick-up demand fires up holiday quarter sales"},"content":{"rendered":"

(Reuters) – Target Corp on Tuesday reported a 21% jump in holiday quarter revenue, much higher than analysts\u2019 estimates, as same-day delivery and store pick-up services helped fulfill robust demand for home goods, toys and groceries during the pandemic.<\/p>

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Over the past year, Target and Walmart Inc consistently performed better than Wall Street expected as the deep-pocketed national retail chains amped up their online businesses during the health crisis and swiped market share from smaller rivals who rely more on their physical stores.<\/p>\n

Still, Target held back on providing sales and earnings forecast for fiscal 2021, citing continued uncertainty over consumer shopping patterns amid the health crisis.<\/p>\n

The retailer\u2019s shares, which have gained over 80% in the year, were trading largely flat before the bell.<\/p>\n

The company\u2019s comparable sales rose 20.5% in the fourth quarter ended Jan. 30, comfortably beating analysts\u2019 estimates for a 16.4% rise, according to IBES data from Refinitiv.<\/p>\n

Sales through its same-day deliveries and store pick-up services surged 212%, as consumers sought quicker ways to get their online purchases and government stimulus helped carry holiday spending momentum into January.<\/p>\n

Analysts have, however, warned that the torrid pace of growth would be difficult to repeat in the coming months, as COVID-19 vaccine rollouts raise the promise of a return to something closer to pre-pandemic life.<\/p>\n

Target\u2019s comparable sales for the full year are expected to slip 3.6%, according to Wall Street brokerages. In February, Walmart said it expects sales growth to slow this year, leading to a fall in its shares.<\/p>\n

Total fourth-quarter revenue for Target rose 21.1% to $28.34 billion, beating average estimates of $27.48 billion. Full-year sales rose by over $15 billion, larger than the combined growth of the last 11 years.<\/p>\n

Net earnings surged 65.6% to $1.38 billion. On an adjusted basis, the company earned $2.67 per share, beating estimates of $2.54.<\/p>\n

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