Retailers have seen higher demand, with online sales booming, but also higher costs related to the pandemic.
With the coronavirus causing unprecedented financial disruptions and a major shift in consumer spending, some retailers are seeing sales surge amid heightened demand but also face higher costs. Here’s what happened to major retailers in the first quarter during wide scale economic shutdowns.... [+]As retailers adjusted to widespread coronavirus lockdown restrictions many experienced a huge surge in the growth of digital orders and e-commerce across the board.
Despite higher demand for groceries and household essentials during the pandemic, the coronavirus crisis haswith many shoppers skipping higher-margin items like apparel. The company has warned of increased costs related to the coronavirus—including higher pay for workers, store cleaning and other expenses—which have so far totaled roughly $500 million, CEO Brian Cornell said during the company’s earnings call.
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