Target same-stores sales in April up more than 5%, as digital sales soar nearly 4-fold  04/23/2020 10:32:00   Tomi Kilgore

Target Corp. TGT, -1.96% said Thursday that same-store sales so far in April have increased more than 5% from a year ago, as a "mid-teens" percentage decline in store sales was more than offset by a near four-fold jump (up 275%) in digital sales. Same-store sales fell 40% in apparel and accessories month to date, but rose more than 12% in essentials and food and beverage, more than 30% in hardlines and in the high teens in home. That follows same-store sales growth of 3.8% in February and an increase in the low double digits in March. On March 25, the discount retailer had said month-to-date same-store sales were up more than 20%. Meanwhile, the company still expects profitability to be negatively impacted by factors including category mix shift to lower margin products, inventory write downs, and investments in pay and benefits. Separately, Target said it was extending its $2 an hour wage increase until May 30, for frontline employees working amid the coronavirus pandemic. The company had previously said the wage hike would last until at least May 2. The stock, which was still inactive in premarket trading, has lost 7.5% over the past three months through Wednesday, while the S&P 500 SPX, +0.77% has shed 15.8%.

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