Target Q1 2024 Results
Throughout the quarter, consumers discovered value, newness and relevance across our shopping experience.
Our Q1 sales and profit performance were consistent with
our guidance range, with sustained improvement across multiple business drivers.
A digital boost
Our digital business returned to growth in Q1, fueled by same-day services and continued enhancements to our digital experience.
Improving performance trends
-3.7%
Comparable
Sales
-4.8%
Store
Comparable Sales
+1.4%
Digital
Comparable Sales
$2.03
GAAP EPS
at the high end of our guidance range of $1.70 to $2.10
in line with our guidance range of -3% to -5%
We’re focused on returning to growth in Q2 and beyond while continuing to drive efficiency to fuel investments in our business.
Our Q1 sales comp continued to improve, building on Q4’s momentum.
5.3% operating margin rate vs. 5.2% in
Q1 2023 reflects disciplined cost management and efficiency gains.
Target Circle’s relaunch
The reintroduced program, which brings Target Circle, Target Circle Card and Target Circle 360 together, sparked excitement and drove guest engagement and sales.
Our Target Lady marketing campaign with
Kristen Wiig helped make April’s Target Circle Week our most talked-about ever on social media.
April Target Circle Week was our largest ever and millions of more guests shopped than last spring’s event.
Strategic investments
We're on track to invest $3 billion to $4 billion in our business in 2024.
We opened 7 new stores in Q1.
>$2 billion
in Drive Up sales in Q1,
>30 times more than in Q1 2019.
13.4%
We introduced our low-price brand dealworthy, with prices starting under $1 and most items under $10.
We relaunched up&up with hundreds of new items, updated formulas for 40% of existing items and refreshed packaging.