Target Had a Huge 2020 – Sales Grew More Than $15 Billion
While some retailers are struggling to just keep the doors open, others are busy counting all the profits from 2020, like Minnesota based Target.
Target announced its fourth quarter results and its 2020 full year earnings, and to say it was a good year for Target, is an understatement. Target said sales grew more than $15 billion which was greater than their total sales growth over the prior 11 years combined.
The pandemic was clearly good for Target and that is shown in online sales and same-day pickup from stores. Target's same-day services grew by 235% for the year and digital sales increased by more than $10 billion in 2020.
If you placed an order at Target.com or the Target app and did drive-up pickup, you weren't alone. Target's same-day drive-up service increased more than 500% during the prior year.
Target's 10 in-house brands are also performing well, making over $1 billion in annual sales, 4 of those brands have made over $2 billion in total. The retailer also opened 30 new stores across the country, most of those were their new smaller stores.
Target also took care of its team members by offering a $15 starting minimum wage and also paid out 5 bonuses to employees and that includes investing over $1 billion on its team members, including free transportation and paid time off for vaccinations, free access to virtual doctor visit, access to personal protective equipment and more.
"Following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020, as our guests turned to Target to safely provide for their families throughout the pandemic," said Brian Cornell, chairman and chief executive officer of Target Corporation.
Ten Businesses We'd Like To See In The Twin Ports