Target Q3 2023 Results
Our team made progress improving our profits through disciplined expense and inventory management and efficiency efforts.
Keeping focus on the fundamentals
Digital Comparable Sales
GAAP EPS and 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 Q3 2023 earnings release posted on our investor relations website.
Statements in this document about our future investments, efficiency initiative, holiday season plans and long-term prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q3 2023 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, November 15, 2023.
operating income margin rate compared to 3.9% in Q3 2022
Guests enjoyed new and exclusive products with easy and affordable shopping solutions.
Delivering newness, ease, convenience and value
Our multi-category portfolio offered inspiring options and exceptional value, with growth in frequency categories, led by beauty.
Seasonal assortments outperformed the overall business.
All 21 new stores planned for 2023
>150 stores have received full remodels or other enhancements in 2023
36% higher than Q3 2022
We’re on track to invest nearly $5 billion in the business this year, developing our team, tools, technology and capabilities to offer a differentiated guest experience.
Investing in long-term growth and profitability
Newness across our assortment in Q3, including:
good & gather
baby and toddler foods
Fenty beauty collection
growth in Drive Up with nearly 100K Starbucks orders weekly since scaling the service nationwide
Thousands of gifts and >2,500 toys under $25
seasonal hires to assist guests
Early results of our efficiency initiative are already saving hundreds of millions of dollars in costs this year and uncovering significant long-term opportunities.
leaner inventory position at the end of Q3 compared to 2022
While planning cautiously, we're well-stocked for the holidays with investments in growth categories and flexibility to meet our guests' needs.
In Q3, Target Circle members took nearly five more trips and spent nearly $300 more than non-Circle guests.
new loyalty members enrolled during our July and October Target Circle Week events
kendra scott at target exclusive jewelry
Our business and team are well prepared to deliver affordable joy with easy and inspiring shopping experiences.
Ready for the holidays and beyond
new items across owned and national brands including
Hundreds of beauty, apparel and accessories items starting at $5
Thanksgiving meals for $25
Tens of thousands of early Black Friday deals, many up to 50% off
Exclusive Deals of the Day for Target Circle members
More Black Friday and Cyber deals debuting soon
New and expanded partnerships and collections, including with Disney and FAO Schwarz
increase in GAAP and Adjusted EPS since Q3 2019
Two years in, our tuition-free education benefit is helping our team reach career goals. Among hourly team members enrolled, promotion rate was over three times higher and turnover >70% lower.
DREAM TO BE