Target said yesterday that its third quarter online sales grew 155 percent compared to the same period a year ago, while same-store sales were up 9.9 percent.
The retailer said that third-quarter net income rose to $1.01 billion, from $714 million a year earlier, while total revenue grew 21% to $22.63 billion from $18.67 billion last year. CNBC says that "so far this year, the company said it’s picked up $6 billion in market share, with $1 billion in share gains coming during the latest quarter."
CEO Brian Cornell tells CNBC that transaction data shows that customers are shopping across categories and "taking advantage of our one-stop solution."
- KC's View:
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Target continues to over-perform expectations, and if I'm not mistaken, it appears to be doing so by playing its own game and not engaging in a tit-for-tat with the likes of Walmart and Amazon. I'm sure they're paying attention to the competition, but Cornell and his folks seem very focused on executing on their own strategies.
Which is the best way to go.
