Target Corporation - TGT STOCK NEWS

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.

On June 14, 2024, Target (NYSE: TGT) announced the results of its 2024 Annual Meeting of Shareholders held on June 12. Shareholders elected all 12 nominees for the board, ratified Ernst & Young LLP as the independent auditor for fiscal 2024, and approved the 'Say on Pay' advisory proposal. Five shareholder proposals were rejected, including those related to independent board chair policy, animal pain management reporting, wage policies, political contributions congruency analysis, and reporting on partnerships and charitable contributions.

The meeting saw a voter turnout of 406,377,944 shares, representing 87.8% of outstanding shares. The voting results for the board nominees were overwhelmingly positive, with David P. Abney and Grace Puma receiving the highest approval at 99.3% each. The lowest approval was for Brian C. Cornell at 94.9%.

The board of directors of Target (NYSE: TGT) announced a quarterly dividend increase of 1.8%, up from $1.10 to $1.12 per common share. This dividend will be payable on September 10, 2024, to shareholders recorded by the end of business on August 21, 2024. This marks the 228th consecutive dividend since Target went public in October 1967 and the 53rd consecutive year of annual dividend increases.

Target (NYSE: TGT) reported its first quarter 2024 financial results, showing a 5.3% operating income margin, a 140 basis point improvement over last year. However, comparable sales declined by 3.7%, with total revenue dropping to $24.5 billion, down 3.1% from the previous year. Digital sales saw a slight growth of 1.4%, and same-day services grew nearly 9%. The relaunch of the Target Circle loyalty program added over 1 million new members in Q1. Despite the overall sales decline, gross margin improved to 27.7%, while SG&A expenses rose to 21.1% of sales. Net interest expense decreased to $106 million, and the effective tax rate increased to 22.7%. Target maintains its full-year guidance, expecting a 0 to 2% increase in comparable sales and GAAP Adjusted EPS of $8.60 to $9.60.