Target ($TGT) beat first-quarter earnings and revenue expectations today with a net income of $284 million. Revenue totaled $19.62 billion, up from last year’s $17.63 billion.
E-commerce grew by 141% during this period as shoppers avoided stores and crowds. Comparable sales rose 10.8% and the average basket total jumped 12.5% with people making fewer shopping trips but stocking up on more items. Target started offering programs for customers to buy online for pick-up or delivery, boosting same-day services a staggering 278%.
And people are definitely excited about it. Target’s Facebook mentions peaked at 225,000 in March, the highest the company’s ‘Talking About’ count has been in a year.
CEO Brian Cornell says Target spent $500 million on COVID-related expenses, including extended wage increases. Over the last three months, the company’s LinkedIn employee headcount has continued to grow, now at 146,000.
While most retailers are suffering through the Coronavirus crisis, Target is one of the few companies seeing its business grow as consumers continue to rely on its breadth of goods and necessities.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales, and app ratings - and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
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