Target's first-quarter store traffic is its best in a decade
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Target put its money where its mouth is, and it’s paying offat least in shopper visits. Thanks to heavy investments the retailer has made in store remodels, new in-house product lines and better delivery options, store traffic for the first quarter grew 3.7 percent, the strongest performance in more than 10 years.
“Target has always thrived by being different,” CEO Brian Cornell said on a conference call Wednesday morning.
The Minneapolis-based chain reported a 3.5 percent rise in revenue to $16.6 billion over the year-earlier period, and earnings of $718 million. During the period, the company completed 56 store remodels, opened seven new stores and introduced new brands such as Universal Thread, for women; Opalhouse, for home; and Umbro for kids. It also expanded its beauty assortment into more diverse linesMark Tritton, executive VP and chief merchandising officer, said on the call that beauty “continues to benefit” from “areas focused on naturals and diversity.”
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