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November-December sales at Target improve 5.7%

19
Feb '19

Courtesy: Target Corporation

The comparable sales of Target Corporation during November-December grew 5.7 per cent, on top of 3.4 per cent growth in the same period last year. Results reflected strong traffic, positive store comps and comparable digital sales growth of 29 per cent. It expects that 2018 will be the 5^th consecutive year in which its digital sales grow over 25 per cent.

"We are very pleased with Target’s holiday season performance, which came on top of really strong results in the same period last year. This performance demonstrates the benefit of placing our stores at the center of every way we serve our guests, including both in-store shopping and digital fulfillment," Brian Cornell, chairman and chief executive officer of Target Corporation, said.

Target continues to expect fourth quarter 2018 comparable sales growth of approximately 5 per cent. For the full year, the company continues to forecast adjusted EPS of $5.30 to $5.50 and Gaap EPS of $5.41 to $5.61. The 11-cent difference between expected full-year Adjusted EPS and Gaap EPS is driven by discrete items already reported through third quarter 2018.

"Given our fourth quarter outlook, we are on track to deliver Target’s strongest full-year comparable sales growth since 2005, market-share gains across all of our core merchandising categories, and double digit growth in adjusted EPS. In 2019, we expect to build on this momentum as we gain further scale in our fulfillment capabilities and deliver profitable growth throughout the year," concluded Cornell. (RR)

Fibre2Fashion News Desk – India

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