Target‘s earnings topped Wall Street’s estimates, as its sales got a lift from a strong holiday season and stimulus checks.
Shares are up less than 1% in premarket trading.
The big-box retailer has benefited as shoppers look for easy and safe ways to buy groceries and other items. Its 2020 sales grew by more than $15 billion — greater than its total sales growth over the prior 11 years.
Target already reported holiday sales, but its online sales gained momentum into January as Americans received $600 stimulus checks.
Still, Target declined to provide a forecast for the year ahead, saying the pandemic has made it too difficult to predict consumer patterns.
Here’s what the company reported…