Several big-box retailers were winners when it came to consumer spending during the pandemic as Target (TGT), Walmart (WMT), Lowe’s (LOW), and Home Depot (HD) all reported record sales for the quarter.
These retailers, unlike many others, kept their stores open during the coronavirus crisis as they were deemed essential businesses. Many retailers had to temporarily close their doors in March as they were labeled nonessential sellers during the pandemic as states across the country issued stay-at-home orders to prevent the spread of the virus.
Retailers like Target, which reported its second-quarter earnings on Wednesday, saw record sales with a comparable sales growth of 24.3%, compared to Q2 2019. The company said the growth was the “strongest the company has ever reported.”
A big reporting also came in for Target’s digital comparable sales, which increased by 195% or 13.4 percentage points of the company’s comparable sales growth, also compared to