Target had its best year since 2005
Sales at Target stores opened at least one year increased by 5% last year – its best performance since 2005.
Target's star 2018 got a big boost from the holidays. Comparable sales increased by 5.3% over the last quarter compared to last year. Its digital sales increased by 31%.
The big box retailer gained market share in key categories such as clothing and home furniture during the holidays and gained a boost from the growth economy. Target said the traffic to shops was up.
The gap between retailers' best and worst businesses developed during the holidays and Target is among the winners.
"We've run an ambitious agenda to transform," said CEO Brian Cornell in a press release on Tuesday.
Parents Are Crucial To the success of the goal because they spend more each year than buyers without children.
Investments in stores have helped as well. Target has aggressively remodeled hundreds of stores, built out delivery and buy-online pickup-in-store capabilities, and built small stores to expand its reach within cities and colleges.
Target also launched more than 25 exclusive brands, such as Goodfellow, a clothing brand and A New Day, a homegoods brand, which burns its trendy image.
"Target's strategic action announced two years ago has clear fruit for fruit, with its online push continuing to generate impressive gains," said Charlie O & # 39; Shea, analyst at Moody's. [19659008] Target has succeeded recently, but a parade of top dealers reported uneven results this earnings period, some including Walmart, ( WMT ) TJX () ) and Best Buy BBY ) flowers L Brands ( LB ) -owned Victoria & # 39; s Secret, JCPenney ( JCP ) and ] Kohls ( KSS ) sales in the stores open at least one year increased 1% during the holidays, the company announced Tuesday. Like Target, Kohls has focused on develop exclusive brands, such as Sonoma Goods for Life and Apt. 9, to drive traffic and stand out against rivals. It has also run a pilot with Amazon at some stores to provide free returns for customer orders.
