This morning, Target announced our third quarter 2020 earnings results. Click here for the full results and read on for a snapshot of the highlights.
Target Q3 2020 Financial Highlights
Amidst historic volatility, Target’s durable model is powering our ability to offer guests a safe and easy shopping experience while continuing to grow our business.
+20.7% Comparable sales
+155% Comparable digital sales
+9.9% Comparable store sales
$2.01 GAAP EPS from continuing operations
$2.79 Adjusted EPS*
Building Trust & Loyalty
Guests are shopping more often and putting more in their carts as we deepen engagement and trust, resulting in unprecedented market share gains.
Growth & Gains
Basket grew 15.6% in Q3, and Traffic was up 4.5%.
More than $6 billion in total market share gains in 2020 to-date.
Over $10 billion in incremental sales in the first three quarters of 2020.
More than 95% of Q3 sales were fulfilled by our stores.
Same-day Services Growth
Drive Up increased more than 500%.
Shipt grew nearly 280%.
Order Pickup, our longest running Same-Day Service, continues to increase in popularity with more than 50% growth.
Guests are shopping across our multi-category portfolio and we saw growth in each of our core categories.
Electronics grew more than 50%.
Home saw comp growth in the mid-20% range.
Comp sales in Apparel grew by nearly 10%.
Essentials & Beauty and Food & Beverage saw broad-based growth in the high teens.
Flexible Team & Operations
Our team and operations continue to demonstrate flexibility to meet guests’ changing needs.
Seasonal Moments Still Matter
Guests responded positively to an extended Back to School/College offering and a Halloween assortment geared to helping guests celebrate in new ways.
We opened 29 small-format stores this year, our biggest year of small-format openings ever.
An Extraordinary Team
We awarded a $200 bonus to frontline team members in Q3. It’s the fourth bonus this year.
Ready for the Holiday Season
Heading into an uncertain holiday season, our purpose-driven team and nearly 1,900 stores are at the heart of our safe, convenient, one-stop shopping experience.
Celebrate & Save
Target Deal Days in Q3 grew more than 2.5x, the most successful yet.
Our biggest holiday deals are available earlier than ever and extend throughout the season, so guests can shop safely and conveniently without having to brave the crowds.
We’re closed on Thanksgiving and our stores open at 7 a.m. on Black Friday.
Nearly all of our “Black Friday Now” deals will be available for an entire week, both in stores and on Target.com.
Safe Shopping Made Easy
We’ve doubled Drive Up parking since last holiday season with nearly 8,000 new spaces.
Thousands of new items are available through Same-Day Services, including fresh and frozen food via Drive Up and Order Pickup at 1,600+ stores.
PIN verification for Drive Up orders makes social distancing easier.
Shipt is adding 100,000 shoppers ahead of the holidays.
*Adjusted EPS is a non-GAAP ‑nancial measure most directly comparable to GAAP EPS from continuing operations. Adjusted EPS is reconciled to GAAP EPS from continuing operations in our Q3 2020 earnings release posted on our investor relations website.
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