April 23, 2020 / 10:34 AM / a month ago

Target's online sales skyrocket as shoppers stock up from their homes

    April 23 (Reuters) - A surge in digital sales for U.S.
retailer Target Corp         in March and April offset the bulk
of damage done by coronavirus lockdowns to in-store sales, but
its margins continue to suffer along with profitability from the
costs of adjusting, it said on Thursday.
    The big box retailer said digital comparable sales have
surged over 275% so far in April, with several days in the month
recording more online sales than Cyber Monday, traditionally the
busiest day for e-commerce companies.
    However, the company expects first-quarter profit to suffer
from a 5 percentage point drop in margins due to temporary wage
increases of $2 an hour for store and distribution center
workers as well as higher sales of low-margin products such as
groceries. The company now plans to pay higher wages until May
30.    

 (Reporting by Uday Sampath in Bengaluru; Editing by Anil
D'Silva)
  
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