Target Sees Record Online Sales On Thanksgiving

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November 25, 2016 8:11am NYSE:TGT

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Retail giant Target Corporation (NYSE:TGT) said Friday that its early Black Friday sales results were very strong, kicking off the all-important holiday shopping season.


Its website, Target.com, has its largest traffic day ever yesterday, on Thanksgiving Day. The company commented via press release:

“Shopping at Target has become an annual Thanksgiving tradition for millions of our guests, and we’re thrilled at the response we’ve seen this year. We had a record-breaking day on Target.com and traffic to our stores was strong,” said Brian Cornell, chairman and CEO of Target, who greeted shoppers at the Jersey City Target store in N.J. on Thanksgiving and will be ringing the opening bell at the New York Stock Exchange in celebration of Kids Day later this morning. “This year, we doubled down on offering guests an incredible assortment at outstanding prices. Based on early results, it’s clear that our deals are cutting through. We expect this momentum to continue throughout the weekend and into next week as we offer Target’s guests a truly unprecedented opportunity to save 15 percent off nearly everything online and in our stores this Sunday and Monday.”

Along with record web traffic, TGT noted that users of its Cartwheel savings app swelled to all-time highs this week as well. What’s more, mobile users accounted for some 60% of the company’s online sales yesterday.

Top products sold so far include TVs, Apple devices, video game platforms, and wearables. Target also solid fives times as many wireless headphones this year compared to 2015. Meanwhile, robotic vacuum sales surged to ten times the level seen last year.

Target shares in premarket trading Friday. Year-to-date, TGT has gained 8.08%, putting it right in line with the performance of the benchmark S&P 500 index during the same period.

TGT-2016-11-25


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