The coronavirus pandemic has been rough for most of the retail sector, but Target (NYSE: TGT) has thus far made it through the crisis relatively unscathed. The retail stock is up 16% year to date, and the company posted one of its best quarterly reports ever in the second quarter.
Comparable sales in the quarter jumped 24.3%, and adjusted earnings per share (EPS) nearly doubled, rising from $1.82 to $3.38. Target's investment in same-day fulfillment services like Drive Up, Order Pickup, and Shipt have clearly paid off as sales from same-day services jumped 273% in the quarter, accounting for 6 percentage points of the company's growth. Initiatives like Drive Up and Order Pickup led to more than 90% of orders being fulfilled by stores, a cost-effective way of meeting e-commerce demand.
Is Target a buy? Let's dispense with the suspense and say, "Yes." Here's why Target looks like a great stock to own for almost any investor.
Source Fool.com