Being a retailer for essential goods during the coronavirus pandemic is boosting sales for Target Corp.

The discount chain is on pace for same-store sales growth of 7 per cent in the fiscal first quarter that ends this month, Target said in a statement. If that holds, it would mark its best performance since 2000, according to data collected by Bloomberg.

The key has been an explosion in shoppers turning to Target’s website, with e-commerce revenue more than doubling. That includes a 275 per cent increase so far this month as most of America fell under stay-at-home orders.

“The significant share gains we are seeing now will not only make us more relevant in the near term, but also in the long term,” Target Chief Executive Officer Brian Cornell said on a call with reporters.

But the shift to staying at home also meant fewer visits to stores, which saw comparable sales fall at a mid-teens percentage in April. While its nearly 1,900 locations have posted a “slight decline” in revenue so far this quarter, that’s a performance many harder hit retailers would covet given the circumstances.

Target is also extending a temporary US$2-an-hour pay increase and other benefits to May 30.

The shares fell 4.9 per cent to US$101.60 in early New York trading. The stock has declined 17 per cent year to date. That’s the ninth best performance on the S&P 500’s Retailing Index.