May 23, 2018
This morning, Target announced its first quarter 2018 earnings results. Click here for the full results and see below for a snapshot of how we're continuing to move our strategy forward.
TARGET EARNINGS Q1 2018
Key Results and Updates on Strategic Initiatives
+3.7% traffic, Our strongest traffic growth in more than 10 years.
+3.0% comparable sales
+28% comparable digital channel sales
$1.33 GAAP EPS from continuing operations
$1.32 Adjusted EPS* Increased more than 9 percent year-over-year.
stores as hubs
We are positioning stores at the heart of our fulfillment network, and expanding options for guests across the country to make their Target run even easier, however they choose to shop with us.
Q4 2017 map, Q1 2018 map
Restock: Available in 11 markets at the end of Q1, Target Restock expanded nationwide just last week. Restock now reaches nearly 75% of the U.S. population.
From-Store Same-Day Delivery: In Q1, we expanded to 4 new markets, bringing the service to approximately 60 stores by quarter’s end.
Same-Day Delivery with Shipt: In Q1, we continued the rollout of Shipt same-day delivery to 75 new markets, bringing us to a total of 78 markets at the end of the quarter.
Drive Up: In Q1, we expanded Drive Up to nearly 270 stores throughout the South and Southeast, bringing us to approximately 320 stores by the end of the quarter.
We are elevating the shopping experience with the next generation of store design, opening our doors to guests in new neighborhoods, and investing in our team to deliver unbeatable guest service.
Store Remodels In the first quarter, we completed 56 remodels and kicked off another 113.
Store Openings During the quarter, we opened 7 new stores across the country – including 6 small-format stores – and announced plans for 10 additional new stores in the coming years.
Our Team We’ve moved to $12 minimum wage for all existing team members as part of our commitment to move to $15 by the end of 2020.
We are creating beloved, only-at-Target brands at an incredible value, and driving guest excitement across the entire assortment.
Opalhouse New home brand Opalhouse – centered around the eclectic aesthetic – launched in April, helping to round out our Home brand portfolio and giving guests even more choices.
Universal Thread With a growing consumer demand for denim that is expected to continue, we launched Universal Thread—a lifestyle brand grounded in denim—in February
*Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS from continuing operations. Adjusted EPS is reconciled to GAAP EPS from continuing operations in our Q1 2018 earnings release posted on our investor relations website.
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