Retail Stocks To Buy [Or Sell] Right Now: Target Corporation
Target (TGT Stock Report) has managed to escape the onslaught of the pandemic. The retail stock is up 20.7% year-to-date. The company has recently posted one of its best quarterly reports ever in the second quarter. Sales in its second-quarter increased by 24.3% and adjusted earnings per share rose by 85.7%. As one of the few retailers that could operate during the pandemic, Target has managed to continue business as usual.
Target also boasts a huge diversification in its products. It sells both discretionary items and staples. For that reason, its apparel sales jumped by double digits in the second quarter. This is a clear indication that consumers are consolidating their shopping trips. Why go to 2 different stores to get food and clothing when you can get both at Target? Target has also reported a total revenue jump of 25%. Its earnings spiked by 86% as it continues to see a heightened sales volume and significant investments in response to the COVID-19 pandemic. Panic buying, stimulus aid, and accelerated adoption of digital spending have helped Target increase its sales.
The retail giant has also positioned itself to capitalize on major shopping events in the second half of the year. This comes in a time where its competitors are struggling to stay afloat. The company has dedicated staff to disinfect carts and hand out masks to shoppers. By dedicating resources to ensure customer safety, Target can regain customer confidence. With that in mind, would you consider adding TGT stock to your portfolio?
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