Target said Wednesday comparable sales rose 17.2% in November and December, as customers bought matching pajamas and gingerbread house kits to celebrate a cozy holiday at home during the pandemic.
While online sales remained robust, shoppers also visited Target’s stores and spent more money per purchase than they did last holiday season. Combined transactions in Target stores and on its website rose 4.3% and average tickets grew by 12.3% year over year, the company said.
Target shares, which have a market value of about $100 billion, were up 1.2% in premarket trading on the news. That puts the stock, which has gained nearly 60% over the past year, on pace to hit an all-time high in trading Wednesday.
Despite the strong results during the peak shopping season, the pace of Target’s sales growth slowed slightly compared with the gains it logged in fiscal third quarter. The deceleration underscores the challenge that Target faces in the quarters ahead. As more Americans get vaccinated,…