Target Q2 2024 Results
Traffic grew
Q2 comp sales growth was driven entirely by traffic, up 3.0% 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.
+2.0%
Comparable
Sales
+0.7%
Store
Comparable Sales
+8.7%
Digital
Comparable Sales
$2.57
GAAP EPS
a >40% increase over
last year.
We’ll keep investing in our strategy and capabilities to build on this positive momentum and drive long-term growth.
Improving sales trends
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.
6.4%
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
More joy ahead in Q3
The momentum continues with new seasonal assortments, owned brand delights, exclusive partnerships and compelling value across our business, including:
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.
Exclusive beauty launches including Blake Brown haircare.
On-trend apparel including Wild Fable's back-to-college assortments.
*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.
Q2 operating income margin rate improved by 1.6 percentage points compared to last year.
Guests responded to affordability, newness, seasonality and convenience.
>2 million
new Target Circle members acquired in Q2.
Beauty grew in the high single digits with Ulta Beauty at Target launches like LolaVie and Divi driving excitement.
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.
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.