Target Q2 2022 Highlights
on top of 8.9% in Q2 2021
+2.6%
Comparable
Sales
Our Q2 growth showcases the relevance and durability of our strategy.
as guests continue to choose Target.
Strength in our business
2.7%
on top of 8.7% in Q2 2021
+1.3%
Store
Comparable Sales
on top of 9.9% in Q2 2021
+9.0%
Digital Comparable Sales
$0.39
GAAP
EPS
$0.39
Adjusted
EPS*
Traffic grew
consecutive quarters of comp sales growth.
21
on top of more than 55% last year as they continue to power our digital growth.
Same-day services grew nearly
11%
We delighted guests with a wide and flexible range of new, relevant and inspiring products, always at great value.
The very best for our guests
allowed us to lean into strong demand for top
performers like food & beverage, essentials
and beauty.
Our multi-category assortment
Food & beverage sales grew in low double- digits.
inspired more shopping trips, including:
Newness and relevance
Tabitha Brown X Target design partnership
New craft cocktail line Casa Cantina
Our largest Pride assortment ever
>80 new Ulta Beauty at Target locations opened so far this year with 250+ total planned for 2022.
Back to School and Back to College
launched earlier and with greater deals
than ever.
was our biggest yet, saving guests millions in July.
Target Deal Days
We took decisive actions to focus on delivering the best guest experiences, setting Target up for success in Q3 and Q4.
Getting our operations holiday-ready
Our industry-leading action plan to right-size our inventory helped get our stores and supply chain ready for Back-to-School and College season — and well-prepared for the upcoming holidays.
The vast majority of our expected 2022 inventory optimization costs occurred in Q2.
We continued our long-term strategic investments, setting Target up to deliver even more relevance and sustainability for years to come.
Investing in the future
We’re on track to spend ~$5B or more in 2022 to continue scaling our operations, reaching new guests as we build capacity and enhance our services.
Building
for growth
5 new stores opened in Q2
1,000th store remodel completed since 2017
Designed to take orders packed in local stores and sort them quickly and efficiently for local deliveries, our sortation centers:
More sortation centers on the way
lower shipping costs
save stores time and space
increase delivery speed
3 opening
in 2023 in Chicago and Denver
6 currently operating across the U.S.
Our Minneapolis sortation center can deliver up to 50K daily orders from 40+ stores.
*Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q2 2022 earnings release posted on our investor relations website.
**Statements in this document about our future investments in strategy and our Target Forward goals are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our SEC filings for risks and uncertainties that could cause Target actions to differ materially from what was expected on the date of this document, August 17, 2022.
Same-day services drove >10% of overall sales.
Drive Up continues to lead same- day growth.
