Target’s Holiday Sales Surge Driven by Black Friday and Cyber Monday Success – But Profits Slump Due to Heavy Discounts

Target logo - AI
AI-generated image of Target logo via GROK

*Target reported stronger-than-expected holiday sales, driven by record-breaking Black Friday and Cyber Monday performances, prompting an increase in its sales growth forecast for the holiday quarter to 1.5%. However, the retailer kept its profit forecast unchanged, reflecting the heavy reliance on discounts to attract cost-conscious shoppers. 

From November to December, total sales rose 2.8%, with same-store sales up 2% and digital sales growing nearly 9%, according to the New York Post. Target saw a 30% boost in its same-day delivery service and a 50% growth in its third-party marketplace Target Plus. Store and website traffic increased 3% year-over-year, marking eight consecutive months of growth. 

Target discounted thousands of products in categories such as toys, beauty, and clothing to attract shoppers. The company reported that these products, typically priced higher than essentials like medicine and food, “saw a meaningful sales acceleration” compared to the previous quarter.

A big jump in sales occurred during the retailer’s “Circle Week” which coincided with Amazon’s Prime Day.

Rick Gomez, Target’s chief operating officer, acknowledged during the National Retail Federation’s conference that US shoppers are “working on a budget.”

Target in Harlem (Spencer Platt-Getty Images via CNN Newsource)
Target in Harlem (Spencer Platt-Getty Images via CNN Newsource)

“It was one of our biggest Circle Weeks that we have ever had,” Gomez said. “But the sales before the week and the sales after the week were lower. There was a dip in sales. The consumer was being very intentional.”

Although these discounts drove traffic and sales, they likely impacted profitability. It remains uncertain if consumer spending will stay robust once the deals diminish.

READ MORE FROM EURWEB.COM: Walgreens CEO Says Locking up Items to Deter Theft Not Effective

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