8:23 AM, Jan 10, 2019 — Target (TGT), the eighth-largest department store retailer in the US, said early Thursday it was on track to deliver the strongest full-year comparable sales growth since 2005, market-share gains across all of core merchandising categories and double-digit growth in adjusted earnings per share in 2018.
The company said in a statement that comparable sales in November and December jumped by 5.7%, topping the 3.4% growth recorded in the same period last year. The company said it continued to expect fourth-quarter comparable revenue growth of about 5%.
“Results reflected strong traffic, positive store comps and comparable digital sales growth of 29%,” Target said in its statement. 2018 was set to be the fifth consecutive year in which digital sales would grow by more than 25%.
For the full year, Target continues to expect adjusted earnings per share to come in the range of $5.30 to $5.50, straddling the Street’s projection of $5.39. The company, which maintained its quarterly dividend at $0.64 per share, reported pro-forma earnings of $4.71 per share in 2017.
The company also said Chief Financial Officer Cathy Smith will retire, but will continue in her role until a successor is named then move to an advisory position until May 2020 to ensure a smooth transition.
Chief Information Officer Mike McNamara will now lead the firm’s enterprise data analytics and business intelligence team in addition to heading its technology services unit, Target said.
Chief Marketing Officer Rick Gomez has now been named Target’s chief marketing and digital officer, and will now lead the firm’s digital team, focusing on its role in personalization, loyalty and the overall shopping experience.
Companies: Target Corporation
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