Target’s same-store sales have risen more than 7% in Q1.
has seen a sharp increase in online sales, as shoppers try to limit time inside stores or avoid the trips altogether during the coronavirus pandemic, CEO Brian Cornell said Thursday.coronavirusSince its fiscal first quarter began Feb. 2, Target's same-store sales have risen more than 7%, the retailer said. The gain, which compares with
Cornell did not provide any specific estimates for its quarterly earnings. But said, higher labor costs, the sale of more low-margin items and writes down of inventory in apparel and accessories because of a drop in sales, will weigh on profits.Target is spending more on worker pay and benefits. The company said it's already spent more than $300 million on coronavirus-related employee expenses, such as paid sick leave, quarantine pay, and access to mental health care.
He said he also expects customers to continue consolidating their shopping into fewer trips, another trend that would benefit the big-box store.
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