Target sells 3,200 televisions per minute in first hour of opening on Thanksgiving


Target Corp. said early Friday that Thanksgiving was a record-breaking day for its e-commerce platform, with traffic and sales outdoing Cyber Monday 2015, driven by electronics sales.

More than 60% of the retailer’s online sales were on mobile devices, Target
TGT,
-0.25%
reported.

Target wasn’t the only retailer to tally strong e-commerce sales. Thanksgiving generated $1.15 billion in online sales between midnight and 5 p.m. Eastern, according to Adobe, a 13.6% year-over-year increase. Mobile devices generated $449 million, up 58.6% from last year and a record, according to the organization. Smartphones drove $322 million in sales, while $127 million in sales were made on tablets.

See also: U.S. online sales tally more than $1 billion on Thanksgiving Day

“It’s still an electronics-driven experience,” said Charlie O’Shea, lead retail analyst at Moody’s, who said a New Jersey Best Buy Inc.
BBY,
+0.23%
store was “jammed” when he paid a visit.

“There’s so much TV volume this year,” he said.

Target said televisions were a top seller with more than 3,200 units sold every minute in the hour after the store opening. Target stores opened at 6 p.m. Thanksgiving evening.

See also: Here’s a Black Friday play as retail stocks take a different turn

Read also:Millennials are willing to stand in line longer than baby boomers on Black Friday

See also  June 2021 Report On Global Portable Decompression Toy Market Size, Share, Value, And Competitive Landscape 2021-2026

In addition to televisions, Target says Apple Inc.
AAPL,
+0.45%
products like the iPad Air 2 were popular deals, the Sony Corp.
US:SNE
 PlayStation 4 and Microsoft Corp.
MSFT,
-0.02%
Xbox One S were popular gaming systems, and wearables like the Fitbit
US:FIT
Charge HR saw a 50% sales increase.

As part of its “10 Days of Deals” promotion, Target is offering 30% off apparel and accessories on Friday and Saturday. Sales of sleepwear for the family nearly doubled on Thanksgiving compared with last year, the company said.

See also:Target improves order pickup service

Wal-Mart Stores Inc.
WMT,
-0.22%
says groceries were big for it on Thanksgiving Day with 150 million pounds of turkey and ham sold on Thursday.

For the month of November, the company said it sold more than six pies per second with pumpkin pie and Patti LaBelle brand sweet potato pies the most popular.

See also:Wal-Mart could give Amazon a run for its money this holiday season

As of early Friday, Wal-Mart said 70% of its Black Friday event traffic was driven by mobile.

“If you’re a retailer, you can’t really care where people are buying,” said O’Shea. “You just want to make the sale.”

Target shares are up 8.1% for the year so far, while Wal-Mart shares are up 15.6% for the period. The S&P 500 index
SPX,
+0.03%
 is up nearly 8% for 2016 so far. The Dow Jones Industrial Average
DJIA,
-0.14%
  has gained 9.5%.

See also  Licensed Sports Merchandise Market Research Report with Size, Share, Value, CAGR, Outlook, Analysis, Latest Updates, Data, and News 2021


View more information: https://www.marketwatch.com/story/apple-products-and-tvs-are-the-big-drivers-for-targets-thanksgiving-sales-2016-11-25

Articles in category: moneyist

Leave a Reply

Back to top button