Target's 4th Quarter results have revealed the retailer saw its sales rise a massive $15 billion in the entirety of 2020, more than the previous 11 years combined.
The onset of the pandemic saw sales boom at the retailer, with COVID-19 sparking a huge rise in grocery sales and online orders with Target one of the few "essential" retailers allowed to stay open in states that locked down.
Overall, comparable sales grew 19.3%, with in-store sales growing 7.2% and online sales growing a massive $145% – equivalent to an additional $10 billion in digital sales.
Among the other remarkable figures in Target's 2020 review:
- Same-day delivery/pickup sales topped $7 billion, more than the entire amount of sales on Target's website in 2019.
- Use of its Drive-Up service grew 600%, orders using its same-day delivery service grew 300%, and its Order Pick-Up service grew 70%.
- Shoppers on average spent 15% more per visit compared to 2019.
- Ten of Target's in-house brands, such as those in home and apparel, made more than $1 billion in sales.
- It saw a 3.7% increase in shoppers in both its stores and online over the course of the year.
- Over the holiday period, Target saw its sales rise by a massive 20.5% compared to Q4 2019.
Despite the bumper 2020 results, Target withdrew its fiscal guidance for 2021, saying it's doing so due to the "highly fluid and uncertain outlook for consumer shopping patterns and the impact of COVID-19."
"In the face of continued uncertainty, the company is not providing sales and EPS guidance for Fiscal 2021 and beyond."
Target CEO Brian Cornell said: "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.
"With the strength of our unique, multi-category assortment and the flexibility we offer through our reliable and convenient fulfillment options, we gained nearly $9 billion in market share in 2020, and grew our revenue by $15 billion, which is more than the 11 prior years combined.
"As we look ahead to 2021 and beyond, we see continued opportunity to invest in our business and our team, building on the strong foundation we've established to drive market share gains and deliver profitable growth for years to come."