Food Business News - May 26, 2020 - 14

Target's digital infrastructure
handles extraordinary surge

Food and beverage
sales grew 20%
during the first
quarter of fiscal 2020.

TARGET

TARGET

MINNEAPOLIS - The surge in retail demand
in March propelled Target Corp.'s sales in
its first quarter of fiscal 2020. Some of the
retailer's metrics during the period were
unprecedented - total comparable store
sales up 10.8%, digital comparable growth
of 140%, and food and beverage comparable sales growth of 20%.
"It goes without saying, but this
quarter was unlike anything we've seen in
our company's long history," said Brian C.
Cornell, chairman and chief executive officer, during a May 20 conference call with
financial analysts to discuss results.
Net income for the quarter ended
May 2 totaled $284 million, equal to 57ยข
per share on the common stock, down
sharply from the same period of the previous year when the company earned $795
million, or $1.54 per share.
Sales for the quarter rose 11.3% to
$19.4 billion.
The fall in net income was due to an
18% increase in the cost of sales to $14 billion. Selling, general and administration
expenses rose 11% during the quarter to $4
billion. Factors adversely affecting Target's
earnings during the quarter included
higher merchandising costs and inventory
impairments related to the rapid slowdown in apparel and accessories sales;
unfavorable category mix as customers
stocked lower-margin categories like
essentials, food and beverage; and higher
digital and supply chain costs, driven by
unusually strong digital volume as well as
investments in team member wages and
benefits, according to the company.
"As I reflect on all that's transpired

14

Food Business News

since the quarter began in February, there
were two key factors in our success: our
strategy of positioning stores and fulfillment hubs and our unbelievable team,"
Mr. Cornell said. "When guests began
flocking to our stores to stock up, our
team was ready. And when digital demand

'More than 5 million guests used our
drive-up service in the first quarter,
with 40% of these guests new to the
service.'
- John J. Mulligan, Target Corp.

exploded as guests began to shelter in
place, our teams have the tools, processes
and capability to flex to meet that shift in
demand."
Mr. Cornell added the numbers did
not provide enough context to how quickly market conditions changed.
"We began the quarter with a relatively normal February, in which we saw
overall comp growth of 3.8% and digital
comp growth of 33%, and ended in April,
which saw total company comp growth of
more than 16% and a jaw-dropping 282%
increase in digital comp sales," he said. "To
put this volume into perspective, on an
average day in April, our operations were
fulfilling many more items and orders than
last year's Cyber Monday, a day for which we
had planned months ahead of time."
John J. Mulligan, chief operating

officer, said food and beverage comps
moved from the single digits in mid-February to above 50% in March before
settling in the teens in April.
"We've seen a dramatic increase in
the pace of sales causing out-of-stocks to
rise well above where we'd like them to be,"
he said. "In need-based categories like food
and beverage and essentials where comps
have accelerated into the 20% range, we
have been on allocation from multiple vendors as they work to ramp up production
to cover the higher level of demand."
He added the coronavirus is causing
an acceleration in consumer trial and
adoption of digital shopping.
"The ability of our operations to
handle this unexpected acceleration has
given us even stronger conviction that we
have the right model and we have ample
capacity to handle continued change in
the future," Mr. Mulligan said. "Specifically, as part of our long-range plans at the
beginning of 2020, our first-quarter digital
volumes weren't anticipated for another
three years, but our operations accommodated that extra volume without any
advanced planning."
In April, sales through the retailer's
drive-up channel increased nearly 1,000%
compared to the same period of the previous year.
"These growth numbers reflect the
fact that drive-up continues to be our most
popular service and the number of guests
who are trying and repeatedly using driveup continues to increase rapidly," Mr.
Mulligan said. "Specifically, more than 5
million guests used our drive-up service in
the first quarter, with 40% of these guests
new to the service."
In late March Target Corp. withdrew
its full-year guidance due to the uncertainty of market conditions. The company
said it will not offer guidance in the near
future.
"From today's perspective, the one
thing that seems most certain is continued volatility, and whenever possible,
we're building flexibility into our plans
and commitments," Mr. Cornell said. "But
let me be clear, the expectation of continued volatility in the external environment
doesn't translate to a lack of confidence
about our future." FBN
May 26, 2020



Food Business News - May 26, 2020

Table of Contents for the Digital Edition of Food Business News - May 26, 2020

Food Business News - May 26, 2020 - 1
Food Business News - May 26, 2020 - 1
Food Business News - May 26, 2020 - 2
Food Business News - May 26, 2020 - 3
Food Business News - May 26, 2020 - 4
Food Business News - May 26, 2020 - 5
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