. And it appears to have brought in almost $3 billion in digitally originated sales in its fiscal Q1, which makes it Target's most lucrative digital sales quarter ever, including holiday quarters, by our estimates.
It posted 11.3% YoY overall sales growth in the quarter, but its cost of sales grew 18.5% YoY, limiting Target's ability to profit from its burgeoning sales. Fulfilling digital orders can introduce greater expenses than in-store shopping since Target needs to put the orders together and deliver them to consumers, so the increase in expenses is likely linked to its massive uptick in digital orders.
The retailer's stores fulfilled nearly 80% of its digital sales during the quarter, which can cut down on delivery expenses because stores may be closer to a consumer's home than a warehouse. Additionally, Target's in-store and curbside pickup services should eliminate all delivery fees, provided stores have the products consumers ordered and they don't still need to be delivered from a warehouse.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside California's beautifully bizarre Winchester Mystery House - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Target sees online sales skyrocket during the pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Target beats first-quarter earnings expectations, with digital sales up 141%Target reported first-quarter earnings and revenue that beat expectations. Oh great no need for Stores now says CEO-CAO
Source: MarketWatch - 🏆 3. / 97 Read more »
Most popular housing markets among prospective homebuyers in April - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Everything has been closed in big cities
Source: BusinessInsider - 🏆 729. / 51 Read more »
Federal Reserve FOMC April meeting minutes show 2nd virus wave risks - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »