Target Sees Ecommerce Soar, But COVID-19 Costs Dampen Earnings
Target found the COVID-19 outbreak to be a two-edged sword in the first quarter, driving stratospheric ecommerce sales growth of 141%, while impacting profits due to about $500 million in associated costs, the company reported. It also saw over 5 million customers shop on Target.com for the first time in Q1.