Target Raises Q4 Guidance on Stronger-than-Expected Holiday Sales

Target Corporation (NYSE: TGT) today announced that its comparable sales in the combined November/December period grew 3.4 percent, compared with the expected range of 0 to 2 percent. Comparable sales across all of the Company’s core merchandise categories – Home, Apparel, Food & Beverage, Hardlines and Essentials – were positive and accelerated from the third quarter, reflecting strong traffic growth, positive store comps and continued strength in digital sales. Target now expects 2017 will be the fourth consecutive year in which its digital sales grow more than 25 percent.

“We are very pleased with our holiday season performance, which reflects the progress we’ve made against our strategy throughout the year,” said Brian Cornell, chairman and chief executive officer of Target Corporation. “We’ve positioned our stores at the center of a continually expanding suite of convenient fulfillment options and made significant investments in our team, which enabled our stores to fulfill 70 percent of all digital orders in the November/December period. As we look ahead to 2018, we will build on the foundation we established this year by launching additional exclusive brands, enhancing our digital capabilities, opening approximately 30 small-format stores and tripling the size of our remodel program to more than 325 stores. We will also remain focused on rapidly scaling up new fulfillment options including Same Day Delivery, which will be enabled by our acquisition of Shipt, and our recently launched Drive Up service.”

Updated Fourth Quarter and Full-Year 2017 Guidance
Target now expects fourth quarter comparable sales growth in a range around 3.4 percent, consistent with results in the November/December period. This would translate into full-year 2017 comparable sales growth of just over 1 percent. Sales from new and non-mature stores are expected to contribute approximately 70 basis points to Target’s fourth quarter sales growth. Combined with the impact of a 53rd week in the 2017 fiscal year, Target’s total sales are expected to grow more than 9 percent in the fourth quarter.
more at: http://investors.target.com/phoenix.zhtml?c=65828&p=irol-newsArticle&ID=2325655

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