Target’s earnings report in a word? Bullseye.
On Wednesday, Target reported a 23% surge in first-quarter sales as in-store shoppers return.
The retailer’s net income increased to $2.1 billion from $284 million the year prior.
- Revenue reached $24.2 billion.
- Online and in-store traffic jumped 17% year-over-year.
- In-store pickup sales rose by 52%.
Apparel was the most successful product category of the quarter, with sales up more than 60% year-over-year. The retailer’s move into fitness apparel no doubt contributed.
In February, Target announced that its in-house activewear brand, All In Motion, became its 10th private label brand to generate over $1 billion dollars in annual sales. The company has launched 30 brands over the past five years, including All In Motion in January 2020.
The average pair of Target’s leggings costs $30, whereas the same product from brands like Lululemon can exceed $100. All In Motion also sells hand weights and yoga mats.
Sales of Target’s entire suite of in-house brands rose 36% in the first quarter, marking the biggest jump in the company’s history.