Welcome to our dedicated page for Target Corporation news (Ticker: TGT), a resource for investors and traders seeking the latest updates and insights on Target Corporation stock.
Target Corporation (NYSE: TGT), headquartered in Minneapolis, operates nearly 2,000 stores across the United States and serves millions of customers both in-store and online at Target.com. As the sixth-largest retailer in the United States, Target is known for offering a wide selection of apparel, home goods, electronics, and household essentials at competitive prices, aiming to provide a premium shopping experience.
Founded in 1946, Target has maintained a strong commitment to community support by donating 5% of its profits, amounting to millions of dollars each week. With a clear focus on delivering value and quality, Target has built a portfolio of owned brands that generate over $30 billion in annual sales, catering to various customer needs.
Recent initiatives include the introduction of dealworthy, a new low-price brand offering nearly 400 items, and the relaunch of the Target Circle loyalty program, designed to provide enhanced savings and personalized shopping experiences. In addition, Target has announced a collaboration with Diane von Furstenberg, featuring exclusive designs in fashion and home decor.
Financially, Target has shown resilience and strategic growth. For the fourth quarter of 2023, the company reported GAAP and adjusted earnings per share (EPS) of $2.98, significantly higher than the previous year's $1.89 per share. Full-year EPS also saw an increase, with GAAP EPS at $8.94 compared to $5.98 in 2022. Despite a 4.4% decline in comparable sales in the fourth quarter, Target's total revenue grew to $31.9 billion, a 1.7% increase from the previous year.
Target continues to invest in its future, focusing on enhancing store experiences, expanding its digital presence, and building a more efficient supply chain. With strategic investments, including the recent reintroduction of the Target Circle membership program, Target aims to foster deeper connections with its customers and sustain long-term growth.
Stay updated with the latest news and developments from Target Corporation by visiting their corporate website and press center.
Target (NYSE: TGT) is launching 'The Cuddle Collab', its first exclusive collection for pets and pet lovers, on September 21, 2024. The collection features over 180 items inspired by six social media 'fur-fluencers', with prices starting at $3. Products include matching accessories for pets and humans, home décor, toys, treats, and apparel.
The collection aims to celebrate pets as family members, catering to the 70% of Target guests who are pet owners. It will be available in most Target stores and online. To promote the launch, Target is hosting in-store events, creating a reality-style social series called 'The Pets of Tarjay', and running a national advertising campaign featuring Bullseye and other pets taking over a Target store.
Target (NYSE: TGT) reported strong Q2 2024 financial results, with comparable sales up 2.0% and digital sales growing 8.7%. The company saw a 3% increase in traffic across all core merchandising categories. GAAP and Adjusted EPS rose 42.8% to $2.57, driven by sales growth and improved gross margin. Operating income margin increased to 6.4%, up 160 basis points year-over-year.
Target raised its full-year EPS guidance to $9.00-$9.70, up from $8.60-$9.60. For Q3, the company expects 0-2% comparable sales growth and EPS of $2.10-$2.40. The company's focus on growth, margin expansion, and strong digital performance, particularly in same-day services, positions it well for continued success.
Target (NYSE:TGT) has announced its upcoming second quarter earnings conference call, scheduled for Wednesday, August 21, 2024, at 7:00 a.m. central time. Investors and media are invited to listen to the webcast through the company's website at Corporate.Target.com/Investors. Target, based in Minneapolis, operates nearly 2,000 stores and Target.com, focusing on helping families discover everyday life's joy. The company has a long-standing commitment to community support, donating 5% of its profit since 1946, which currently amounts to millions of dollars weekly.
Target (NYSE: TGT) has announced the appointment of Amy Tu as its new chief legal and compliance officer and corporate secretary, effective August 25, 2024. Tu will oversee Target's legal affairs, compliance, and corporate governance functions, succeeding Don Liu, who is retiring but will continue as a strategic advisor until May 2025.
Tu brings extensive experience in legal and business leadership, having held senior roles at Walmart, The Gap, Boeing, and most recently as president of international operations at Tyson Foods. She will report directly to Brian Cornell, Target's chair and CEO, and join the company's leadership team.
This appointment aims to provide continuity in Target's legal affairs and compliance teams while supporting the company's growth strategy and enterprise priorities.
Target (NYSE: TGT) is launching its first chain-wide Denim Take Back Event from August 4-10, 2024. Consumers can recycle up to five used denim items of any brand at Target stores and receive a 20% discount on new denim apparel purchases through Target Circle. This initiative aims to promote sustainability by keeping used denim out of landfills while offering savings during the back-to-school shopping season.
The event allows customers to drop off denim in any condition at marked in-store boxes. The 20% discount applies to all denim apparel, including Target-owned and national brands. Shoppers can redeem the offer in-store, online, or via the Target app, with options for convenient fulfillment services. Target Circle Card holders can save an additional 5% on their denim purchase.
Target (NYSE: TGT) has launched extensive back-to-school and back-to-college savings initiatives. Highlights include 20 essential school supplies totaling under $20, and the lowest-priced backpack in over a decade at $5. Additionally, Target introduces Target Circle 360, a subscription service offering unlimited same-day delivery starting at $4.99 per month for students and $10.99 per month for all consumers. Special discounts for teachers and students, including 20% off on select items, are also available. The new School List Assist feature in the Target app helps families easily shop for school supplies.
Target (NYSE: TGT) has announced the return of Target Circle Week from July 7-13, offering substantial discounts on summer and back-to-school essentials. Members of the free Target Circle program can enjoy up to 50% off select toys, 40% off kitchen items, and 30% off family apparel, bedding, and kids' school uniforms. Additionally, new members can join Target Circle 360 for $49 instead of $99 during the sale week. Notable deals include discounts on brands like LEGO, Keurig, and Dyson, and the 'Deal of the Day' promotion. Target's loyalty program provides personalized bonuses and convenience through services like Drive Up and Order Pickup.
Target (NYSE: TGT) announced significant leadership changes effective July 7, 2024. Christina Hennington, currently chief growth officer, will become chief strategy and growth officer, and Rick Gomez, currently chief food, essentials and beauty officer, will become chief commercial officer. Lisa Roath, Target's chief marketing officer, will transition to chief merchandising officer of food, essentials, and beauty in early 2025. An external search for the next chief marketing officer is underway. These changes aim to sustain profitable growth and leverage technology and generative AI to enhance operations. Hennington has a proven track record, contributing over $30 billion in growth. Gomez will oversee Target's merchandising business, focusing on speed and agility. Roath will continue to lead marketing campaigns until her transition.
Target (NYSE: TGT) announced a partnership with Shopify, enabling select Shopify merchants to feature products on Target Plus, Target's curated online marketplace, and in physical Target stores nationwide. This collaboration aims to expand Target Plus's assortment with new, trendy products and brands like True Classic and Caden Lane.
The partnership allows Shopify merchants in the U.S. to apply via Marketplace Connect to sell on Target Plus, providing consumers with a broader range of affordable, high-quality items. Target Plus, launched in 2019, currently features over 2 million products from more than 1,200 partners, offering perks like 5% off with a Target Circle Card and free shipping on orders over $35.
Target's executive vice president, Cara Sylvester, emphasized the partnership's goal to offer a thoughtfully curated and affordable selection for shoppers. Shopify’s president, Harley Finkelstein, highlighted the opportunity for high-growth brands to reach millions of new customers.
Target announced the rollout of a new Generative AI (GenAI) tool, Store Companion, to team members at its nearly 2,000 stores by August 2024. This GenAI-powered chatbot is designed to answer job-related questions, assist in training, and support store operations, enhancing team efficiency and customer service.
Currently piloted in 400 stores, early feedback is positive, indicating improved daily operations. Target will continue developing GenAI applications for business acceleration, empowering teams, and enhancing customer experiences.
Upcoming enhancements include GenAI-powered product pages and search capabilities on Target.com, aiming to provide more personalized and efficient shopping experiences. Target plans to extend these technologies to all consumers by the end of the summer, continuing to innovate with GenAI throughout 2024.
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