Target Q3 2022 Highlights
on top of 12.7% in Q3 2021
Comparable
Sales
Q3 was our 22nd consecutive quarter of comp sales growth, reflecting the trust and loyalty we’ve built with our guests.
Continued growth
on top of 29% in Q3 2021
+0.3%
Digital Comparable Sales
$1.54
GAAP EPS
$1.54
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 9.7% in Q3 2021
+3.2%
+2.7%
Store
Comparable Sales
49.3% below Q3 2021
49.1% below Q3 2021
year-over-year
Traffic increased
1.4
%
year-over-year
Basket size increased
1.3
%
Guests embraced the value and inspiration of our >$30 billion portfolio of owned brands, growing comp sales at twice the enterprise Q3 growth rate.
2x
From everyday essentials to our latest designer partnerships,
our guests found inspiration, value, ease and convenience across
our multi-category assortment.
Joy and inspiration around every corner
across all five core merchandising categories.
Target saw
unit share gains
drove Q3’s comp sales growth.
Frequency categories like
beauty, food and beverage, and household essentials
We’re rolling into the holiday season with new and on-trend merchandise across our categories, and we’re ready to serve up joy and inspiration for
our guests — all at a great value.
Delivering holiday delight
We launched exclusive partnerships including
FAO Schwarz and Marks &
Spencer for one-of-a-kind, affordable holiday gifting, with hundreds of items between $5 and $25.
More of what our guests love
We've tripled the number of Apple shop-in-shop experiences in our stores compared to last year, and we now offer:
Disney
shop-in-shops
Ulta Beauty
at Target locations
3x
>200
350
We’ve also added more exclusive products from Disney, LEGO and other leading brands to inspire guests throughout the season and beyond.
Deals for days
We kicked off season-long savings so guests can
find great value in stores and online, driving our largest Target Deal Days yet and early shopping of our
Black Friday Weeklong Deals and Deal of the Day.
Plus, we kicked off our industry-leading Holiday Price Match Guarantee earlier than ever, offering guests the ability to shop and save confidently.
As always, we remain focused on our investments in the experiences that keep our guests coming back, in support of our long-term growth and profit goals.
Growth on Target
After years of unprecedented growth, we’re launching a new enterprise-wide effort to simplify and gain efficiencies across our business, with a focus on reducing complexities and lowering costs while continuing to support
our team.
$2-3 billion
This work represents an estimated cumulative savings opportunity of $2-3 billion over the next three years and will support our investments in driving deeper guest engagement and long-term growth while also delivering on our profit goals.
*Adjusted EPS is a non-GAAP financial measure most directly comparable to GAAP EPS. Adjusted EPS is reconciled to GAAP EPS in our Q3 2022 earnings release posted on our investor relations website.
**Statements in this document about our future investments, long-term prospects and potential savings opportunities are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q3 2022 earnings release and our SEC filings for risks and uncertainties that could cause Target’s actions to differ materially from what was expected on the date of this document, November 16, 2022.
Apparel &
Accessories
Food &
Beverage
Beauty & Household
Essentials
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