Target sales up 8.9% year over year

Let’s hope that waning consumer confidence doesn’t drag things down as summer moves into fall.

Target Corp. TGT -1.32% reported increased revenue in the second quarter as more people returned to stores and online spending moderated compared with last summer, when the Covid-19 pandemic upended shopping habits.

The retailer said comparable sales, which include in-store and online purchases, for the quarter rose 8.9% from a year earlier, when they jumped 24.3% because people stocked up on groceries and because many other retail chains were temporarily closed.

Most of the growth in the latest quarter was driven by purchases of apparel, food and other items at the chain’s stores. Foot traffic rose 12.7% for the quarter. Digital sales increased 10%, after nearly tripling in the second quarter of 2020.

Wall Street Journal