The Hustle

Target says it took $9B in sales from competitors. How?

Target’s sales in 2020 hit ~$94B, up 20% YoY. The retailer’s bet on digital, real estate and merchandise are paying off.

March 3, 2021

Here’s a list of pandemic winners we are all familiar with: Amazon, Moderna, our sanity, and Zoom.

After it reported earnings on Tuesday, we can safely add Target to the mix.

Over the full year ended Jan. 30, the retailer posted revenue of $93.6B — up 20% YoY and a greater increase than in its previous 11 years combined, per the Wall Street Journal.

In a major flex…

… Target estimates $9B of those sales were taken from competitors

How did Target do so well during the pandemic vs. giants like Amazon and Walmart?

Here’s a great breakdown from WWD:

During the earnings call, Target did not provide financial guidance for 2021 but — based on its recent success — it’s well-positioned to stay a winner.

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