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Target reports record-high quarterly sales

NEW YORK — Target reported the largest quarterly sales growth, including an online sales spike, in its 58-year-history, the latest evidence that Americans are consolidating their trips to big box stores and pivoting their spending to around the home during the pandemic.

Target said that online sales nearly tripled during the quarter as shoppers relied more on services like curbside pick up amid concerns about infections. But Target’s same-store sales also spiked 10.9 percent during the three-month period ended Aug. 1. Target earned $1.69 billion, or $3.35 per share. That compares with $938 million, or $1.83 per share for the year-ago period.

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