Essentials and food and beverage increased 40 percent while apparel fell by more than 30 percent.
Target Corp. might be one of retail’s best-positioned companies, able to stay open during the coronavirus crisis, but it’s still getting walloped as the company spends more to support its employees and consumers rush to spend more on low-margin essentials and pass by the fashion offering. Investors pushed shares of Target down 2.7 percent to $103.97 in midday trading on Wall Street on Thursday. Still, the company is largely open for business, which is more than many can say in retail.
So far in the first quarter, Target’s comparable sales are up more than 7 percent, with a slight decline at stores and better than 100 percent growth online. The essentials and food and beverage category comped up by more than 20 percent, but apparel and accessories declined by more than 20 percent. For March, comps in essentials and food and beverage increased 40 percent while apparel and accessories fell by more than 30 percent.
While Target’s essentials business is up strongly, it’s come at additional risks for its employees and costs for the company.
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