Americans may have slowed their shopping at Kohl's and Nordstrom during the start of 2019, but they flooded into Target.
Sales at Target (TGT) stores open at least a year rose 4.8% during the first quarter of 2019 compared with the same period a year earlier. Target's digital sales grew 42% during the quarter, too.
Both of those metrics from Target beat rival Walmart (WMT), which also had a strong start to the year. Target said it gained market share during the quarter, which may have come at the expense of struggling department stores and ailing retailers.
Target's stock jumped around 8% during premarket trading on the sales and profit beat.
"Over the last two years we have made important investments," in remodeling stores and offering new ways to buy online, CEO Brian Cornell said in prepared remarks.
This year, Cornell said Target will "extend the reach" of same-day buying options as retail's delivery wars escalate. It also plans to introduce new brands, remodel old stores and open new small stores in cities.