Not done with big-retail? Good, because shares of Target shot up yesterday, after the retailer reported “unprecedented” growth in foot traffic at its stores, along with better-than-expected second-quarter profit, revenue, and in-store sales.
The industry giant also said digital sales skyrocketed more than 40% during the quarter.
The company had such a successful Q2 in fact, that it raised its earnings outlook for the year.
The retailer has been reinvesting in its business ever since it disclosed its game plan at the start of last year to toss $7B toward its e-commerce platform, beef up its in-house brands, start new small-format stores, and renovate existing locations.
Join 1.5m+ professionals getting The Hustle daily news brief
Business and tech news in 5 minutes or less
According to Target’s CEO Brian Cornell, the company reported its strongest same-store sales growth in 13 years.
Looks like those investments are paying off
Target shares are up about 27%, bringing the retailer’s market cap to roughly $44.1B (still miles behind their main competitor, Walmart, at $282B).
According to CNBC, The company’s Q2 net income was $799m, compared to the expected $671m, with revenue climbing nearly 7% to $17.8B from $16.63B a year ago.