Target Reports Holiday Sales

Target Corporation (NYSE: TGT) today announced that comparable sales in the combined November/December period grew 1.4 percent, on top of 5.7 percent growth in the same period last year. Comparable sales growth was driven primarily by traffic, combined with a small increase in average ticket. Comparable digital sales grew 19 percent in the November/December period, driven primarily by the Company’s same-day fulfillment services (Order Pick Up, Drive Up and Shipt), which together grew more than 50 percent from the comparable period last year.

Brian Cornell, Chairman and Chief Executive Officer of Target Corporation, said, “We faced challenges throughout November and December in key seasonal merchandise categories and our holiday sales did not meet our expectations. However, because of the durability of our business model, we are maintaining our guidance for our fourth quarter earnings per share. We also remain on track to deliver historically strong full-year results in 2019, including comparable sales growth of more than 3 percent and record-high EPS reflecting mid-teens growth compared with last year.

For the Holiday period specifically, sales results came in below our expectations as we experienced softer-than-expected performance in areas of our business that are critical during the season, including Electronics, Toys and portions of our Home assortment. Because these categories account for a much higher portion of sales during the holidays, they have a larger impact on our overall sales growth as compared to the rest of the year. At the same time, we’ve seen continued strength and market share gains in Apparel, Beauty, Essentials and Food & Beverage. And in Toys, despite approximately flat comparable sales, we continued to gain share over the holidays, according to data from the NPD group.
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