Target rings up additional $300 million in first-quarter costs as March food and beverage comps soar 50%

Target Corp. saw same-store sales soar during the first quarter as customers stocked up on household necessities amid the coronavirus pandemic. However, costs also skyrocketed, putting pressure on margins.


TGT, -9.47%

  said Wednesday that sales jumped toward the end of February, with same-store sales rising 3.8% for the month.

In March, same-store sales surged, along with traffic. Not only were customers buying disinfectant wipes, groceries and other essentials, sales were also cascading into other categories as families prepared to work from home and spend more time with their children.

Read: Costco’s coronavirus-related surge won’t end anytime soon, analysts say

Brian Cornell, chief executive of…

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