November 20, 2018
This morning, Target announced its third 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 Q3 2018
Key Results and Updates on Strategic Initiatives
+5.3% comparable traffic
+5.1% comparable sales
+49% comparable digital channel sales
+3.2% comparable store sales
$1.16 GAAP EPS from continuing operations
$1.09 Adjusted EPS*
behind the numbers
Our investments are paying off and guests are shopping more often across all channels.
In Q3, we gained market share across all five of our core merchandise categories, with standout gains coming from Toys, Baby, and Beauty.
Stores & Digital
Comparable sales growth was driven by healthy comparable traffic gains of 5.3 percent across stores and digital channels.
All the Ways
Our unmatched suite of fulfilment options is helping to fuel digital growth.
From Nov. 1–Dec. 22, Target is offering Free 2-Day Shipping to guests on hundreds of thousands of items, with no minimum purchase and no membership required.
In the third quarter, same-day delivery – in as little as two hours – with Shipt became available nationwide to millions of guests in hundreds of markets across 46 states.
Target’s highest-rated service, Drive Up, expanded to nearly 1,000 stores in Q3
We’re the first retailer to offer Same-Day Delivery and Drive Up service coast to coast
We're delivering on our strategy to make Target the easiest, most inspiring place to shop.
New Stores & Remodels
We continue to elevate the shopping experience in our stores, completing nearly 140 remodels during Q3. And we’re even closer to our guests, with 12 new stores across the country — including our first store in VT!
We’ve met our goal of adding 120,000 seasonal team members to make holiday shopping even easier and more convenient for our guests.
All Set for the Season
As we begin Q4, we’re better positioned for this holiday season than ever before.
New mobile technology allows guests nationwide to “skip the line” and checkout with a Target team member from anywhere in the store, bringing greater ease to the busy holiday season.
On Black Friday, we’ll have more items available through Order Pickup and plan to fulfill 2x the order volume this season compared to last. For the first time, Drive Up will be available on select items for guests on Black Friday this year.
We'll offer more than 1,400 new and exclusive curated gifts under $15 and more than 20 new and exclusive brands.
We offer guests an unparalleled assortment of affordable, exclusive merchandise.
Q3 marks the one-year anniversary of A New Day, Goodfellow, JoyLab, and Project 62. One year in, A New Day has become a $1B brand
Welcome to the Family
In Q3, we launched Prologue, a women’s apparel brand focused on form and details, and introduced Smartly, a new lower-priced essentials and personal care brand.
Lots at Play
We’re staying nimble as the retail environment continues to shift, putting new initiatives in place and accelerating existing efforts to capture market share.
We’ve increased our toy inventory by double digits and will offer more than 2,500 new and exclusive products in the category this holiday season.
We’ve added more than a quarter-million square feet of new space for toys across more than 500 stores.
We have completely reimagined toy departments in more than 100 remodeled stores to make shopping even more fun, playful and inviting.
*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 Q3 2018 earnings release posted on our investor relations website. Key Results and Updates on Strategic Initiatives
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