Target has shown a record-high stock price on Wednesday when the second quarter showed a tremendous growth of 6.5 percent increase from the same three month period of last year.
With a 6.4 percent increase in traffic, the store has seen the biggest increase in consumer’s sales for the last 10 years.
By introducing many initiatives, Target has been able to achieve targets. Drive Up service provided by Target is one such facility that has pleased the customers greatly. This service is currently available in 25 states in over 800 stores.
Similarly, its same-day delivery service is found across 1,100 stores and is expected to grow even further and cater to around 65 percent of consumers by the end of the year.
Target Restock is another delivery service that has been offered. Free delivery is provided for its REDcard purchase.
“Boats are missing but we are able to rise up and move faster”, says Brian Cornell, the chairman, and CEO of Target. He further adds “we have the best traffic increase on year on year basis and this measurement has been made for over a decade.
The strong economy has helped the retail sector and this rebound has helped Target attain a good market share in its sector.
Shares of Target were at $87.96 per share, an increase of 5.64 percent. The store had shown a positive net income that has increased from last year. It shows a net income of $799 million, which is a good increase from last year’s $67million, last year, for the same period.
Digital sales have also seen a sharp surge in its earnings outlook, with a jump of around 40 percent this quarter.