Target sales up 7% thanks to 100% increase in online shopping during COVID-19 pandemic
GLENDALE, ARIZONA - MARCH 13: A shopper wearing a mask purchases grocery items at a Target store on March 13, 2020 in Glendale, Arizona. Some Americans are stocking up on food, toilet paper, water and other items after the World Health Organization (
MINNEAPOLIS (FOX 9) - Target says its sales are up 7 percent this quarter amid the COVID-19 pandemic.
In an update Thursday morning, Target says its online sales grew 100 percent this quarter, which helped offset a “slight decline” in sales in its stores.
“While we expect our short-term profitability to be affected by COVID-19, we expect to have the financial capacity to emerge from this crisis in a position of strength,” said Executive Vice President and Chief Financial Officer Michael Fiddelke in a statement.
As part of its quarterly financial update, Target also announced it is extending its $2 an hour temporary wage increase for its employees to May 30.
Along with the wage increase, Target has extended its 30-day paid leave for employees over 65, who are pregnant or who have underlying medical conditions through the end of May as well.
The company says it will continue to provide employees in its stores protective equipment.