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Financial, Retail

Target Corporation Reports Third Quarter Earnings

Target reports third quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance.

11/20/2024
MINNEAPOLIS -- Target Corporation (NYSE: TGT) today announced its third quarter 2024 financial results, reflecting comparable sales growth driven entirely by traffic and strength in the digital channel.

The Company reported third quarter GAAP and adjusted earnings per share (EPS) of $1.85, compared with $2.10 in 2023. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"I'm proud of our team's efforts to navigate through a volatile operating environment during the third quarter. We saw several strengths across the business, including a 2.4 percent increase in traffic, nearly 11 percent growth in the digital channel, and continued growth in beauty and frequency categories. At the same time, we encountered some unique challenges and cost pressures that impacted our bottom-line performance," said Brian Cornell, chair and chief executive officer of Target Corporation. "Looking ahead, our team is energized and ready to deliver the unique combination of newness and value that holiday shoppers can only find at Target, and we remain confident in the underlying strength and fundamentals of our business, and our ability to deliver on our longer-term financial goals."

THIRD QUARTER HIGHLIGHTS

•  Third quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance.
•  Guest traffic grew 2.4 percent over the prior year.

•  Digital comparable sales grew 10.8 percent reflecting nearly 20 percent growth in same-day delivery powered by Target Circle 360™ and double digit growth in Drive Up.

•  Beauty comparable sales grew more than 6 percent. Food & Beverage and Essentials categories grew low-single digits compared to the prior year.

•  Third quarter gross margin rate was down 0.2 percentage points to the prior year. Year-to-date, gross margin rate has expanded by a full percentage point compared to last year.

•  Third quarter GAAP and Adjusted EPS of $1.85 was down 11.9 percent compared with last year.

View the full release here.

 
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