Target Corporation pleased with its holiday season performance

by Textile Quotient News Desk
23 Jan 2019

Announces leadership changes

Target has announced its comparable sales in the combined November/December 2018 period grew 5.7 percent, on top of 3.4 percent growth in the same period in 2017. Results reflected strong traffic, positive store comps and comparable digital sales growth of 29 percent. Target expects that 2018 will be the fifth consecutive year in which its digital sales grow more than 25 percent.

Brian Cornell, Chairman and Chief Executive Officer of Target Corporation, said, “We are very pleased with Target’s holiday season performance, which came on top of really strong results in the same period last year. This performance demonstrates the benefit of placing our stores at the centre of every way we serve our guests, including both in-store shopping and digital fulfilment.Given our fourth quarter outlook, we are on track to deliver Target’s strongest full-year comparable sales growth since 2005, market-share gains across all of our core merchandising categories, and double digit growth in Adjusted EPS. In 2019, we expect to build on this momentum as we gain further scale in our fulfilment capabilities and deliver profitable growth throughout the year.”

Target continues to expect fourth quarter 2018 comparable sales growth of approximately 5 percent. For the full year, the Company continues to expect Adjusted EPS of $5.30 to $5.50 and GAAP EPS of $5.41 to $5.61. The 11-cent difference between expected full-year Adjusted EPS and GAAP EPS is driven by discrete items already reported through third quarter 2018.

 Changes in Leadership

 Target is announcing a series of changes to its Leadership Team to accelerate progress and drive efficiencies. The Chief Financial Officer Cathy Smith is retiring from the Company. Smith will continue in her role as Chief Financial Officer until her successor is named, and then move to an advisory role until May 2020 to ensure a smooth transition. Target is conducting a comprehensive internal and external search for its next CFO and a search firm has been retained to assist in the process.

Other changes which are going to be effective instantly are- Melissa Kremer, Senior Vice President HR, has been promoted to Target’s Chief HR Officer, taking on leadership of the enterprise-wide human resources strategy for Target’s 350,000 team members globally. Kremer, who has been with the Company since 2004, has led HR strategy and operations; HR business partnership, including support of Target’s largest commercial businesses; and the talent management functions of recruiting, learning, leadership development and strategic workforce planning. Kremer will join Target’s Leadership Team and report to CEO Brian Cornell.

Chief Marketing Officer, Rick Gomez, has been named Chief Marketing and Digital Officer and will now lead Target’s Digital team, focusing on its important role in personalization, loyalty and the overall shopping experience. Gomez joined Target in 2013 and was named CMO in 2017, with a focus on strengthening Target’s brand positioning and driving the business.

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