Target Q1 2023 Results
following 3.3% in Q1 2022
Comparable
Sales
By continuing to serve guests well, our team and strategy delivered on our Q1 performance expectations amidst a challenging operating environment.
Staying focused on our durable strategy
following 3.2% in Q1 2022
-3.4%
Digital Comparable Sales
$2.05
GAAP EPS
$2.05
Adjusted EPS*
*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, November 16, 2022.
on top of 3.4% in Q1 2022
+0.7%
0.0%
Store
Comparable Sales
traffic increase as guests shopped us more
We offered a wide range of exciting new products and easy and affordable solutions.
Bringing joy through newness, ease, convenience and value
*Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q1 2023 earnings release posted on our investor relations website.
Statements in this document about our future investments and long-term prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q1 2023 earnings release and our SEC lings for risks and uncertainties that could cause Target’s results to differ materially from what was expected on the date of this document, May 17, 2023.
Guests shopped across our
multi-category portfolio, with
strength in beauty, food & beverage
and essentials.
Rolling out nationwide
Q1 brought newness across our assortment, including:
Spring designer collection
hilton carter for Target
Future Collective with Gabriella Karefa-Johnson
WILD FABLE SWIM EXPANSion
We’re on track to invest $4-5 billion in 2023 in strategic growth initiatives.
We opened 6 of ~20 new stores planned in 2023.
We began work on more than half of the ~175 stores undergoing full remodels and other enhancements in 2023.
4.8% below Q1 2022
6.2% below Q1 2022
+0.9
%
+0.5
%
total sales increase reflects flat comp sales combined with the benefit of sales from new stores
growth across same-day services as guests sought ease and convenience
>5
%
Same-day services include Order Pickup, Drive Up and Same-Day Delivery
We saw strong sales in our Valentine’s Day and Easter assortments.
Active Target Circle members made nearly 2.5x more trips and spent nearly 3x more than non-Circle members.
And there’s more newness in Q2, including
Tabitha Brown X Target, Houston White X Target, Future Collective with Alani Noelle and Hearth & Hand with Magnolia.
Our durable strategy allows us to serve guests well now while investing in the future.
Investing in long-term growth
Opened our first TRUE Zero Waste certified supply chain facility in Mililani, Hawaii
