Aug. 19 (UPI) — Big-box retailer Target reported a major increase in second-quarter earnings on Wednesday, which showed booming online sales over the three-month period.
The report showed Target’s greatest-ever quarterly increase (24.3%) when compared to the second quarter of 2019. Analysts had expected an increase of just 7.6%.
Earnings per share soared 84% year-to-year and profits climbed more than 80% to $1.7 billion for the May-July period.
In-store sales increased 11% and online sales leaped 195% for the quarter, when businesses were temporarily closed and tens of millions of Americans were under restrictions to stem the COVID-19 outbreak.
Online traffic also increased almost 10% over the first half of 2020 compared to 2019, web analytics firm SimilarWeb reported.
“Our second quarter comparable sales growth … is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model,” Target Chairman and CEO Brian Cornell said in a statement.
Cornell said the figures show that customers responded to Target’s “safe and convenient shopping experience” as a response to the pandemic.
The greatest sales increase, more than 70%, was seen in electronics.
Target’s earnings came one day after Walmart also reported a second-quarter boom in online sales. Walmart said Tuesday digital sales increased by 97% and total revenue was up 5.6%.