Target Q2 2024 Results
Target is back to sales growth, with increases in traffic and continued profit improvement.
We’ll keep investing in our strategy and capabilities to build on this positive momentum and drive long-term growth.
+2.0%
Comparable Sales
+0.7%
Store Comparable Sales
+8.7%
Digital Comparable Sales
$2.57
GAAP EPS
Traffic grew
Q2 comp sales growth was driven entirely by traffic, up 3.0% compared to last year.
6.4%
Improving sales trends
Beauty grew in the high single digits with Ulta Beauty at Target launches like LolaVie and Divi driving excitement.
Target Circle Week
The July event drove high engagement across all categories as value-conscious consumers turned to Target for great deals.
Strong seasonal moments
Our seasonal business continued its strong performance with moments like Mother’s Day and Fourth of July serving guests' celebratory wants and needs.
Back-to-school and back-to-college season kicked off with hit offerings like 20 of the most popular items for under $20 total, plus $5 backpacks, Mondo Llama crayons for 25 cents and $1 notebooks.
More joy ahead in Q3
The momentum continues with new seasonal assortments, owned brand delights, exclusive partnerships and compelling value across our business, including:
Strategic investments
We're on track to invest $3 billion to $4 billion in our business in 2024.
10 new stores opened, more than 60 remodel projects underway and 3 new supply chain facilites opened so far this year.
*Pricing, promotions and availability may vary by location and at Target.com. This program excludes Alaska, Hawaii and the borough of Manhattan. Products mentioned may not be available at Target.com or in all stores.
All earnings per share figures refer to diluted EPS.
Statements in this document about our future financial and operational performance, our expected strategic investments, and our strategy for growth are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q2 2024 earnings release and our SEC filings for risks and uncertainties that could cause Target’s results to differ materially from what was expected as of the date of this document, August 21, 2024.
a >40% increase over last year.
Q2 operating income margin rate improved by 1.6 percentage points compared to last year.
Strength in digital
Low-double-digit growth in same-day services reinforced continued strength in our digital business, led by low-teens growth in Drive Up and same-day delivery services.
Guests responded to affordability, newness, seasonality and convenience.
Even lower prices on more than 5,000 frequently purchased items* drove traffic and unit volume across frequency categories.
Apparel returned to growth as guests embraced owned brands like All in Motion and Wild Fable.
Food and beverage drove traffic and sales with newness in candy and brands like bubly sparkling water.
>2 million
new Target Circle members acquired in Q2.
Halloween newness including treats, costumes, pet toys and more.
Fall flavors and more than 150 new owned brand items from Good & Gather, Favorite Day and more.
On-trend apparel including Wild Fable's back-to-college assortments.
Exclusive beauty launches including Blake Brown haircare.