Target extends streak even as online sales growth cools

Target’s streak of strong results extended into its latest quarter but its skyrocketing online sales growth has come back to earth

NEW YORK -- Target's streak of strong results extended into its latest quarter but its skyrocketing online sales growth has come back to earth. The Minneapolis retailer reported Wednesday that sales at its stores that have been open for at least a year rose 8.7% in the three-month period that ended July 31. That was down from 10.9% growth in the same 2020 span. And like Walmart, Target saw a slowdown from last year’s blistering online sales growth as more shoppers came out of their pandemic-forced isolation. Target’s online sales rose 10% its fiscal second quarter, compared to a 195% surge in the year-ago period. It was also a slowdown from the first three months of the year, when online sales soared 50% from a year ago.