The U.S. retail sector may be in a world of hurt, but some companies are managing to keep their heads above water. These include Target, whose Q1 earnings and revenues beat market expectations, thanks in part from a great performance by its digital sales operation. E-commerce sales grew by 141 percent over the first three months of 2020. Over the same period, it produced income of $284m, which was down from $795m in 2019, but this was a better result than had been anticipated. Target’s total revenues came in at $19.62bn, which was up from 2019’s $17.63bn and higher than the market had predicted. The average basket for consumers in the first quarter rose 12.5 percent, while click and pick-up services proved extremely popular. Food and beverages category products saw an increase in sales of 20 percent. The retailers spent around $500m on dealing with the impact of coronavirus, including extra safety and hygienic measures as well as bonuses for their frontline workers.
