Target Corp. reported first-quarter adjusted earnings that reached an all-time high, blowing past Street estimates on both profit and sales.
The Mother’s Day holiday was among the strongest in years for the retailer, and company execs are optimistic about the continued strength of sales heading into Memorial Day and other summer holidays and events.Apparel sales were up in the low 60% range during the quarter, the home category was up in the mid 30% range, beauty was up in the high teens, and food and beverage was up in the low-to-mid single digits.
Read: Walmart, Disney, Target and Trader Joe’s relax mask policies ‘unless required by local or state regulations’ The FactSet consensus is for a Q2 comparable sales decline of 5.4%, and declines of 4.3% and 3.9% for the final two quarters of the year, respectively.