News

Target enjoys robust holiday sales, makes leadership moves

January 14, 2019

Target's comparable sales grew 5.7 percent in the November-December period, a healthy jump compared to last year's 3.4 percent in the same period.

The sales boost was due to consumer traffic with a small uptick in the average sales ticket, according to a release on its financials for end of year.

Store pickup activity and drive up saw a 60 percent increase, compared to ayear ago, and accounted for one quarter of digital sales in the two-month period.

The financials hasn't prompted Target to change its expectations for the fourth quarter. It expects 5 percent sales growth and that 2018 will be the fifth consecutive year in which digital sales see a boost of more than 25 percent.

"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," stated Brian Cornell, chairman and CEO, in the release.

He noted the fourth quarter outlook puts Target on track to deliver  its strongest full-year comparable sales growth since 2005.

The retailer also announced Chief Financial Officer Cathy Smith plans to retire and will stay in her role until her successor is named, and then move to an advisory role until May 2020.

It also announced several other leadership changes:
•    Stephanie Lundquist, who has served as Target's chief HR officer since 2016, has been named president of food and beverage.
•    Melissa Kremer, senior vice president, HR, has been promoted to chief HR officer.
•    Katie Boylan, senior vice president, communications, has been named chief communications officer.
•    Mike McNamara, CIO, will lead the Enterprise Data Analytics and Business Intelligence team, in addition to his leadership of technology services.
•    Chief Marketing Officer Rick Gomez has been named chief, marketing and digital.