Target Corporate Newsroom: Target Corporation Reports Third Quarter Earnings

Press release from the Target Corporate Newsroom:

November 17, 2021

Third quarter comparable sales grew 12.7 percent, on top of 20.7 percent growth last year. Comparable sales growth was driven entirely by traffic. Store comparable sales increased 9.7 percent, on top of 9.9 percent growth last year. Digital comparable sales grew 29 percent, following growth of 155 percent last year. Same-day services (Order Pickup, Drive Up and Shipt) grew nearly 60 percent this year, on top of more than 200 percent last year. More than 95 percent of Target’s third quarter sales were fulfilled by its stores. All five core merchandise categories delivered double-digit comparable sales growth, on top of strong sales performance last year. Third quarter GAAP EPS of $3.04 was 51.6 percent higher than last year, and Adjusted EPS1 of $3.03 was 8.7 percent higher than last year. Third quarter GAAP and Adjusted EPS have both more than doubled since Q3 2019. Additional media materials

Target Corporation (NYSE: TGT) today announced its third quarter 2021 financial results, which reflected growth in both sales and profitability on top of record increases a year ago. The Company reported third quarter GAAP earnings per share (EPS) of $3.04, up 51.6 percent from $2.01 in 2020. Third quarter Adjusted EPS of $3.03 grew 8.7 percent compared with $2.79 in 2020. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

“The consistently strong growth we’re seeing in our business, quarter after quarter, is a testament to the passion and commitment our team brings to serving our guests, and the trust we’ve built with them as a result,” said Brian Cornell, chairman and chief executive officer of Target Corporation.

“Following comp growth of nearly 21 percent a year ago, our third quarter comp increase of 12.7 percent was driven entirely by traffic, and reflects continued strength in our store sales, same-day digital fulfillment services and double-digit growth in all five of our core merchandising categories. With a strong inventory position heading into the peak of the holiday season, our team and our business are ready to serve our guests and poised to deliver continued, strong growth, through the holiday season and beyond.”

Fiscal 2021 Guidance

For the fourth quarter 2021, the Company expects high-single digit to low-double digit growth in comparable sales, compared with the previous guidance for a high-single digit increase.

This press release was produced by the Target Corporate Newsroom. The views expressed here are the author’s own.