“The momentum in our business continued in the holiday season with notable market share gains across our entire product portfolio,” Target chairman and CEO Brian Cornell said. “We’re very pleased with our results, and the strength of our performance is a reflection of the tireless work of our team to support our guests through a safe, convenient and inspirational experience. Throughout the holidays, we delivered joy for holiday shoppers while focusing on safety — adjusting promotions to reduce crowding while delivering easy, contactless fulfillment options through Drive Up and Shipt.
“We’ve seen continued strong sales trends in the new year, and as we turn to our 2021 plans, our team is focused on continuing to build on the guest engagement and significant market share we gained throughout 2020.”
Target said its comparable digital sales growth was driven primarily by the company’s same-day fulfillment services (Order Pick Up, Drive Up and Shipt), which together grew 193%. Of the services, Drive Up grew the fastest at more than 500%, while Target’s sales fulfilled by Shipt grew more than 300%. Between store-originated sales, same-day services and the company’s ship-from-store capability, Target said that about 95% of its sales in the November/December period were fulfilled by its stores.
Target also reported market share gains throughout the November/December time period in all five of its core merchandising categories. Growth was the strongest in Home, which saw a comparable sales increase in the low-20 percent range. Comparable sales in Hardlines also grew in that range, reflecting mid-20% growth in Electronics. In Food & Beverage, comparable sales growth was in line with the company average, while Beauty & Essentials saw growth in the low teens. Apparel delivered comparable sales growth in the high-single digit range, according to the company.