PR Newswire
MINNEAPOLIS, Jan. 10, 2019
MINNEAPOLIS, Jan. 10, 2019 /PRNewswire/ --
Target Corporation (NYSE: TGT) today announced that its comparable sales in the combined November/December period grew 5.7 percent, on top of 3.4 percent growth in the same period last year. Results reflected strong traffic, positive store comps and comparable digital sales growth of 29 percent. Target expects that 2018 will be the fifth consecutive year in which its digital sales grow more than 25 percent.
Brian Cornell, chairman and Chief Executive Officer of Target Corporation, said, "We are very pleased with Target's holiday season performance, which came on top of really strong results in the same period last year. This performance demonstrates the benefit of placing our stores at the center of every way we serve our guests, including both in-store shopping and digital fulfillment.
Given our fourth quarter outlook, we are on track to deliver Target's strongest full-year comparable sales growth since 2005, market-share gains across all of our core merchandising categories, and double digit growth in Adjusted EPS. In 2019, we expect to build on this momentum as we gain further scale in our fulfillment capabilities and deliver profitable growth throughout the year."
Fourth Quarter and Full-Year 2018 Guidance
Target continues to expect fourth quarter 2018 comparable sales growth of approximately 5 percent. For the full year, the Company continues to expect Adjusted EPS of $5.30 to $5.50 and GAAP EPS of $5.41 to $5.61. The 11-cent difference between expected full-year Adjusted EPS and GAAP EPS is driven by discrete items already reported through third quarter 2018.
Leadership Announcements
Target Corporation today also announced that Chief Financial Officer Cathy Smith will be retiring from the Company. Smith will continue in her role as Chief Financial Officer until her successor is named, and then move to an advisory role until May 2020 to ensure a smooth transition. Target is conducting a comprehensive internal and external search for its next CFO and a search firm has been retained to assist in the process.
"On behalf of our Board of Directors and Target's entire team, I want to thank Cathy for her leadership and valuable contributions since joining the Company in 2015. Cathy's deep expertise and leadership helped usher in strategic change for Target and positioned us for sustainable, long-term growth," said Cornell. "I appreciate the role Cathy will continue to play as we identify a successor and manage a seamless transition."
"I'm proud of the team's accomplishments and all the progress we've made. I am excited about what is in store for Target and myself as I plan for retirement, including freeing up more time for my family," said Smith. "As we look ahead to 2019, Target is in a position of strength and poised to continue building on its momentum."
In addition, Target is announcing a series of changes to its Leadership Team to accelerate progress and drive efficiencies. All changes are effective immediately.
Miscellaneous
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 Feb. 3, 2018. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,800 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.
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SOURCE Target Corporation
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