NEW YORK – Target extended its strong sales streak through the holiday quarter and grabbed business from rivals.
Fourth quarter profits soared 66%, the retailer reported Tuesday, and sales jumped 21%, both topping Wall Street expectations.
Sales at stores opened at least a year rose 6.9% compared with the same period last year. Online sales soared 118%. Customer traffic in stores rose 3.7% and average dollars spent rose 15%.
In the previous quarter, same-store sales rose 10%, while online sales spiked 155%, Target picked up $9 billion in market share from rivals in fiscal 2020.