Target Reports November/December Sales, Maintains Full-Year Sales and EPS Guidance
- Comparable sales grew 5.7 percent in the November/December period. Given last year's increase of 3.4 percent over that same period, comparable sales have grown more than 9 percent over the last two years.
- November/December comparable sales growth was driven primarily by traffic, combined with a small increase in average ticket.
- Store Pickup plus Drive Up grew more than 60 percent from a year ago, and accounted for a quarter of the Company's digital sales in those two months.
- Comparable digital sales growth of 29 percent in November/December was driven entirely by growth in store-fulfilled digital sales.
- For full year 2018,
Targetis on track to grow digital sales more than 25 percent for the fifth consecutive year.
- All five of the Company's core merchandise categories saw comparable sales growth in the November/December period. Growth was strongest in Toys, Baby and Seasonal Gift items.
- The Company continues to expect fourth quarter comparable sales growth of approximately 5 percent, full-year Adjusted EPS of
$5.30 to $5.50and GAAP EPS of $5.41 to $5.61.
- For more background on holiday performance, please visit: https://corporate.target.com/article/2019/01/holiday-2018-update
Given our fourth quarter outlook, we are on track to deliver
Fourth Quarter and Full-Year 2018 Guidance
"On behalf of our Board of Directors and
"I'm proud of the team's accomplishments and all the progress we've made. I am excited about what is in store for
Stephanie Lundquist, who has served as Target'sChief HR Officer since 2016, has been named President of Food and Beverage. In a new role for the Company, Lundquist will oversee the full spectrum of all merchandising and operations for Food and Beverage, including strategy development and implementation. She and the newly integrated team will focus on accelerating progress, strengthening cross-functional alignment and driving operational excellence throughout the enterprise. Lundquist joined Targetin 2005 and brings enterprise leadership and operations experience to her role. She will remain a direct report to CEO Brian Cornelland a member of the Company's Leadership Team. Melissa Kremer, Senior Vice President HR, has been promoted to Target'sChief HR Officer, taking on leadership of the enterprise-wide human resources strategy for Target's350,000 team members globally. Kremer, who has been with the Company since 2004, has led HR strategy and operations; HR business partnership, including support of Target'slargest commercial businesses; and the talent management functions of recruiting, learning, leadership development and strategic workforce planning. Kremer will join Target'sLeadership Team and report to CEO Brian Cornell. Katie Boylan, Senior Vice President, Communications, has been named Chief Communications Officer, with oversight of internal communication, corporate and brand communication, public affairs and crisis and issues management. She will report to the CEO. Boylan, who joined Targetin 2011, brings 20 years of experience to her role, including work with multiple national consumer brands. Mike McNamara, Target'sChief Information Officer, will now lead the Enterprise Data Analytics and Business Intelligence team, in addition to his leadership of Target'sTechnology Services. Under McNamara's leadership, the team will continue to provide data-driven counsel and expertise to enterprise business partners. McNamara joined Targetin 2015 after serving in various roles with European-based retailer Tescoand has transformed Target'sapproach to its information technology strategy, team and operating systems.
- Chief Marketing Officer,
Rick Gomez, has been named Chief Marketing and Digital Officer and will now lead Target'sDigital team, focusing on its important role in personalization, loyalty and the overall shopping experience. Gomez joined Targetin 2013 and was named CMO in 2017, with a focus on strengthening Target'sbrand positioning and driving the business. Prior to Target, Gomez held various positions at MillerCoors, PepsiCoand the Quaker Oats Company.
Statements in this release regarding fourth quarter comparable sales guidance, full-year 2018 earnings per share guidance and expectations of profitable growth in 2019 are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended
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John Hulbert, Investors, (612) 761-6627, Katie Boylan, Media, (612) 761-7788, Target Media Hotline, (612) 696-3400