A Closer Look at Target’s Full-Year 2021

March 1, 2022 - Article reads in
company
A white Bullseye logo and white text against a red background reads Target FY 2021

This morning, Target announced our fourth quarter and full-year 2021 earnings results. Click here for the full results and read on for a snapshot of the highlights.

An infographic featuring illustrated highlights from Target's full-year 2021 results.

Target 2021 Highlights
Target delivered strong performance on top of unprecedented growth in 2020.
+12.7% Comparable Sales on top of historic +19.3% in 2020
+11.0% Store Comparable Sales on top of +7.2% in 2020
+21% Digital Comparable Sales on top of +145% in 2020
$14.10 GAAP EPS up 63.1% over 2020
$13.56 Adjusted EPS up 44.0% over 2020. Adjusted EPS is a non-GAAP ­financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q4 + Full Year 2021
earnings release posted on our investor relations website.
 
Continued momentum
Our durable strategy is building trust and loyalty with guests as they shop us more across categories.
$106 billion in total revenue, up +35% since 2019.
Sales have grown $27 billion since 2019. ($14 billion from stores; $13 billion from digital)
Traffic up 12.3%.
Double-digit comp sales growth across all ­five core categories: Apparel & Accessories, Food & Beverage, Essentials & Beauty, Home and Hardlines.
$30 billion in owned brand sales, up 18%.
 
Shopping powered by stores
We continued to scale our stores-as-hubs strategy, building even better experiences and creating room for future growth.
More than 95% of our total sales (physical and digital combined) were fulfi­lled by stores.
Same-day services (Drive Up, Order Pickup and Same-day delivery with Shipt) are the fastest-growing part of our business.
45% growth in same-day services on top of 235% in 2020.
Drive Up  grew more than 70% on top of more than 600% in 2020.
Coming to Drive Up in 2022: Starbucks, returns and more.
 
More of what guests love
We listened to what guests wanted and delivered newness, differentiation and value across our assortment.
Deepened our relationships with leading national brand partners like Apple, Disney, Levi Strauss & Co., Ulta Beauty and more.
Opened our fi­rst 100 Ulta Beauty at Target locations, with over 250 more planned in 2022.
Four new owned brands across our multi-category assortment: Mondo Llama, Brightroom, Favorite Day and Kindfull.
Grew our design partnerships and teamed up with even more diverse brands and creators.
 
Investments in a bright future
We made bold investments in our business model, team and eorts to co-create a more equitable and regenerative future.
Opened new facilities and remodeled existing spaces to make shopping experiences faster and more convenient, with more in 2022 and beyond.
Opened 32 new stores and 4 supply chain facilities, including 2 new sortation centers.
Invested in more than 100 existing stores, from end-to-end remodels to new spaces in support of our national brand partnerships.
In 2022, we’ll open 30 new stores, complete about 200 store remodels and add 5 more sortation centers.
Invested in our team’s success, including another $75M in recognition bonuses, an industry-leading education assistance benefi­t and more.
In 2022, we’re setting a new starting wage range of $15 to $24 and expanding access to health care bene­fits to more team members.
Launched our Target Forward sustainability strategy, including a $100M investment in Black communities.

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