Comparable sales, those from stores or digital channels operating at least 12 months, rose 12.7% for the quarter ended Oct. 30. E-commerce sales rose 29% in the quarter.
“We’ve seen strength throughout the year,” said Target Chief Executive Brian Cornell on a call with reporters. Sales rose strongly in each of the five main categories the retailer sells, he said. “We’ve made a big investment in both inventory and in staffing to make sure we are going to be there to provide the items the guest is looking for and great service.”
The company has pulled forward some shipments of goods and chartered its own vessels to counteract transportation disruptions heading into the holiday season when most retailers earn a significant portion of annual revenue.
Inventory for the quarter rose 17.6% compared with the same period last year, the company said. It has focused on keeping prices lower than competitors, as prices rise generally for a host of goods, said Mr. Cornell. “We think value is going to be a critically important battle,” he said.Target Posts Strong Sales and Says It Has Plenty in Stock for Black Friday – WSJ