Target's 1Q profit surges as shoppers go out and spend

Target has reported surging sales and profits for its fiscal first quarter thanks to shoppers who bought more apparel as they emerge from the pandemic

NEW YORK -- Target Corp. on Wednesday reported that its sales and profits surged in its fiscal first quarter thanks to shoppers eager to spend as they emerge from the pandemic. The Minneapolis-based discounter said that its sales at stores opened at least a year rose 18% in the three-month period that ended May 1. That was after a 6.9% increase in its fiscal fourth quarter. Online sales soared 50% after rocketing 118% in the prior quarter. Target also offered an upbeat sales outlook. During the height of pandemic-induced lockdowns last year, Target had been considered a lifeline as shut-in shoppers stocked up on groceries and other basic items and relied on its delivery services.