This morning, Target announced its second quarter 2016 earnings results. Click here for the full results and see below for a snapshot of how Target is continuing to move its strategy forward.
Target Q2 2016 Earnings
While there's no question we have room for improvement, we're please that our profitability exceeded our expectations, our Signature Categories again outpaced the total business and solid digital growth continues.
GAAPS EPS $1.07 from continuing operations
Adjusted EPS* $1.25
TARGET 2016 Q2 HIGHLIGHTS
Signature Categories outpaced the total business by 3 percentage points, with particular strength in Kids and Style.
Woman's Apparel growth was driven by Who What Wear, juniors and swim
Guests loved key trends in swim like high-necks, strapping, sport details and all things Americana.
Continued strength in Bullseye's Playground
Guests love the value-focused, reinvented front-of-store experience and improved, more seasonally relevant merchandise.
Incredibly positive early response to Cat & Jack rollout in July.
Digital sales grew more than 16 percent in the second quarter, on top of 30 percent growth last year.
Digital conversion has tripled since 2013.
Completed the move to an adaptive e-commerce approach for an optimum digital shopping experience on any device.
Mobile sales on our flaship app are +100% over last year.
We're growing our footprint in key markets like New York with locally tailored flexible format stores.
In Q2, we opened flexible format stores in iconic areas in Chicago, Philadelphia, Boston and Queens, NY.
Sales productivity in flexible format stores is typically much higher than our company average. These stores have been meeting or exceeding their profitability targets.
*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 2016 earnings release posted on our investor relations website. ©2016 Target Brands, Inc., Target and the Bullseye are registered trademarks of Target Brands, Inc.