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Did Target hit the bullseye at $28b?INTL

Did Target hit the bullseye at $28b?

Big news for the retail sector: Target (TGT) announced its Q4 2020 revenue jumped 21% from the year before, reaching $28b and surpassing analysts’ estimates. In fact, this revenue growth is larger than the past 11 years combined! Coronavirus who?

The retail giant recently invested in services to ensure safe and convenient online order deliveries for its customers. They introduced Order Pickup, Drive Up, and same-day delivery facilities — are you taking notes, Amazon? Perhaps these changes are what boosted its online sales around the holiday period.

Target’s shares were trading 2% higher in the premarket on Tuesday after the earnings report was released.

why it matters
Rivals such as Walmart (WMT) stumbled pretty badly in the last quarter of 2020, so we’ll have to keep an eye on upcoming reports from others — like Costco Wholesale (COST) and Kroger (KR) — to examine what economic recovery looks like for the retail industry.