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Business and Economic News
The Associated Press
New York

Target gains steam heading into crucial holiday season

A person with a cart walks up to a car.
A worker delivers an order to a drive-up customer at a Target store on Aug. 19 in Miami.
Joe Raedle | Getty Images

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Target is the latest big U.S. retailer to show that it's prospering during the pandemic.

The Minneapolis company reported Wednesday that its online sales surged 155 percent in the three months that ended Oct. 31. Sales at its stores opened for a least a year rose 10 percent. Customer traffic rose 4.5 percent and average dollars spent rose nearly 16 percent.

It joined Walmart and Home Depot in reporting strong sales for the retailers' fiscal third quarter as shoppers consolidate their trips and focus on home-related activities.

The strong sales bodes well for the holiday shopping season, while offering the latest evidence of a widening gap between the discounters and big box stores and mall-based retailers. Department store Kohl's reported on Tuesday that its quarterly sales dropped 13 percent.

Target said it earned $1.01 billion, or $2.01 per share, for the quarter. That compares with $714 million, or $1.39 per share in the year-ago period. Adjusted earnings per share was $2.79.

Analysts expected $1.60 per share on $20.79 billion in sales, according by FactSet.

Its total sales rose 21.3 percent to $22.34 billion.

Target also says that it has has gained more than $6 billion more in market share so far this year. Consumer electronics enjoyed more than a 50 percent sales gain in the quarter, while Target's home-goods business increased in the mid-20 percent range. Clothing posted sales of nearly 10 percent, while beauty, food and beverages increased in the high-teen percentage range.

Target has been expanding its online services. During the latest quarter, drive-up sales increased more than fivefold, while order pickup continues to increase with more than a 50 percent increase. And Target's same-day service with Shipt increased nearly threefold during the quarter.

Last week, Target announced a deal with nation's largest beauty store chain, Ulta Beauty, that will place Ulta shops in more than 100 Target stores by mid-2021. The shops, which will each be about 1,000 square feet and carry makeup, skin care and fragrance, will operate beside existing beauty sections in Target stores.