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Target Corporation - TGT STOCK NEWS

Welcome to our dedicated page for Target Corporation news (Ticker: TGT), a resource for investors and traders seeking the latest updates and insights on Target Corporation stock.

Target Corporation (NYSE: TGT), headquartered in Minneapolis, operates nearly 2,000 stores across the United States and serves millions of customers both in-store and online at Target.com. As the sixth-largest retailer in the United States, Target is known for offering a wide selection of apparel, home goods, electronics, and household essentials at competitive prices, aiming to provide a premium shopping experience.

Founded in 1946, Target has maintained a strong commitment to community support by donating 5% of its profits, amounting to millions of dollars each week. With a clear focus on delivering value and quality, Target has built a portfolio of owned brands that generate over $30 billion in annual sales, catering to various customer needs.

Recent initiatives include the introduction of dealworthy, a new low-price brand offering nearly 400 items, and the relaunch of the Target Circle loyalty program, designed to provide enhanced savings and personalized shopping experiences. In addition, Target has announced a collaboration with Diane von Furstenberg, featuring exclusive designs in fashion and home decor.

Financially, Target has shown resilience and strategic growth. For the fourth quarter of 2023, the company reported GAAP and adjusted earnings per share (EPS) of $2.98, significantly higher than the previous year's $1.89 per share. Full-year EPS also saw an increase, with GAAP EPS at $8.94 compared to $5.98 in 2022. Despite a 4.4% decline in comparable sales in the fourth quarter, Target's total revenue grew to $31.9 billion, a 1.7% increase from the previous year.

Target continues to invest in its future, focusing on enhancing store experiences, expanding its digital presence, and building a more efficient supply chain. With strategic investments, including the recent reintroduction of the Target Circle membership program, Target aims to foster deeper connections with its customers and sustain long-term growth.

Stay updated with the latest news and developments from Target Corporation by visiting their corporate website and press center.

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Target (NYSE: TGT) has launched extensive back-to-school and back-to-college savings initiatives. Highlights include 20 essential school supplies totaling under $20, and the lowest-priced backpack in over a decade at $5. Additionally, Target introduces Target Circle 360, a subscription service offering unlimited same-day delivery starting at $4.99 per month for students and $10.99 per month for all consumers. Special discounts for teachers and students, including 20% off on select items, are also available. The new School List Assist feature in the Target app helps families easily shop for school supplies.

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Target (NYSE: TGT) has announced the return of Target Circle Week from July 7-13, offering substantial discounts on summer and back-to-school essentials. Members of the free Target Circle program can enjoy up to 50% off select toys, 40% off kitchen items, and 30% off family apparel, bedding, and kids' school uniforms. Additionally, new members can join Target Circle 360 for $49 instead of $99 during the sale week. Notable deals include discounts on brands like LEGO, Keurig, and Dyson, and the 'Deal of the Day' promotion. Target's loyalty program provides personalized bonuses and convenience through services like Drive Up and Order Pickup.

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Target (NYSE: TGT) announced significant leadership changes effective July 7, 2024. Christina Hennington, currently chief growth officer, will become chief strategy and growth officer, and Rick Gomez, currently chief food, essentials and beauty officer, will become chief commercial officer. Lisa Roath, Target's chief marketing officer, will transition to chief merchandising officer of food, essentials, and beauty in early 2025. An external search for the next chief marketing officer is underway. These changes aim to sustain profitable growth and leverage technology and generative AI to enhance operations. Hennington has a proven track record, contributing over $30 billion in growth. Gomez will oversee Target's merchandising business, focusing on speed and agility. Roath will continue to lead marketing campaigns until her transition.

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Target (NYSE: TGT) announced a partnership with Shopify, enabling select Shopify merchants to feature products on Target Plus, Target's curated online marketplace, and in physical Target stores nationwide. This collaboration aims to expand Target Plus's assortment with new, trendy products and brands like True Classic and Caden Lane.

The partnership allows Shopify merchants in the U.S. to apply via Marketplace Connect to sell on Target Plus, providing consumers with a broader range of affordable, high-quality items. Target Plus, launched in 2019, currently features over 2 million products from more than 1,200 partners, offering perks like 5% off with a Target Circle Card and free shipping on orders over $35.

Target's executive vice president, Cara Sylvester, emphasized the partnership's goal to offer a thoughtfully curated and affordable selection for shoppers. Shopify’s president, Harley Finkelstein, highlighted the opportunity for high-growth brands to reach millions of new customers.

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Target announced the rollout of a new Generative AI (GenAI) tool, Store Companion, to team members at its nearly 2,000 stores by August 2024. This GenAI-powered chatbot is designed to answer job-related questions, assist in training, and support store operations, enhancing team efficiency and customer service.

Currently piloted in 400 stores, early feedback is positive, indicating improved daily operations. Target will continue developing GenAI applications for business acceleration, empowering teams, and enhancing customer experiences.

Upcoming enhancements include GenAI-powered product pages and search capabilities on Target.com, aiming to provide more personalized and efficient shopping experiences. Target plans to extend these technologies to all consumers by the end of the summer, continuing to innovate with GenAI throughout 2024.

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On June 14, 2024, Target (NYSE: TGT) announced the results of its 2024 Annual Meeting of Shareholders held on June 12. Shareholders elected all 12 nominees for the board, ratified Ernst & Young LLP as the independent auditor for fiscal 2024, and approved the 'Say on Pay' advisory proposal. Five shareholder proposals were rejected, including those related to independent board chair policy, animal pain management reporting, wage policies, political contributions congruency analysis, and reporting on partnerships and charitable contributions.

The meeting saw a voter turnout of 406,377,944 shares, representing 87.8% of outstanding shares. The voting results for the board nominees were overwhelmingly positive, with David P. Abney and Grace Puma receiving the highest approval at 99.3% each. The lowest approval was for Brian C. Cornell at 94.9%.

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The board of directors of Target (NYSE: TGT) announced a quarterly dividend increase of 1.8%, up from $1.10 to $1.12 per common share. This dividend will be payable on September 10, 2024, to shareholders recorded by the end of business on August 21, 2024. This marks the 228th consecutive dividend since Target went public in October 1967 and the 53rd consecutive year of annual dividend increases.

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Target (NYSE: TGT) reported its first quarter 2024 financial results, showing a 5.3% operating income margin, a 140 basis point improvement over last year. However, comparable sales declined by 3.7%, with total revenue dropping to $24.5 billion, down 3.1% from the previous year. Digital sales saw a slight growth of 1.4%, and same-day services grew nearly 9%. The relaunch of the Target Circle loyalty program added over 1 million new members in Q1. Despite the overall sales decline, gross margin improved to 27.7%, while SG&A expenses rose to 21.1% of sales. Net interest expense decreased to $106 million, and the effective tax rate increased to 22.7%. Target maintains its full-year guidance, expecting a 0 to 2% increase in comparable sales and GAAP Adjusted EPS of $8.60 to $9.60.

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Target (NYSE:TGT) will webcast its first quarter earnings conference call on Wednesday, May 22, 2024, at 7:00 a.m. central time. Investors and media can listen to the call through the company's website.

Target operates nearly 2,000 stores and its online platform, Target.com, with a mission to enrich everyday life for families. The company has a longstanding tradition of community support, donating 5% of its profits since 1946, which now equals millions of dollars each week.

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Target (NYSE: TGT) announced a reduction in prices on 5,000 frequently shopped items starting from May 20, 2024, aiming to help consumers save more. Items include essentials like food, beverages, and household goods. Initial reductions on 1,500 items are already in place with more planned over the summer. Target's price cuts will affect goods such as milk, meat, bread, and snacks, saving consumers millions this summer. The new prices are visible in-store and online, and are part of Target's competitive pricing strategy. Additionally, Target Circle Card members can save an extra 5%. The initiative excludes Alaska and Hawaii.

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FAQ

What does Target Corporation specialize in?

Target Corporation specializes in retail, offering a wide range of products including apparel, home goods, electronics, and household essentials both in-store and online.

How many stores does Target operate?

As of recent updates, Target operates nearly 2,000 stores across the United States.

What is the Target Circle program?

The Target Circle program is Target's loyalty membership offering personalized deals and savings, along with exclusive benefits for members.

What financial performance did Target report for the fourth quarter of 2023?

For the fourth quarter of 2023, Target reported GAAP and adjusted earnings per share (EPS) of $2.98, an increase from $1.89 in the same quarter the previous year.

What is the new 'dealworthy' brand?

'dealworthy' is Target's new low-price brand offering nearly 400 everyday basics at competitive prices, with items starting at less than $1.

How does Target contribute to communities?

Since 1946, Target has donated 5% of its profits to communities, which currently equals millions of dollars each week.

What are some recent collaborations announced by Target?

Target recently announced a limited-time collaboration with Diane von Furstenberg, featuring exclusive designs in fashion and home decor.

Where can I find the latest news about Target?

You can find the latest news about Target by visiting their press center on their corporate website.

What strategic initiatives is Target focusing on?

Target is focusing on enhancing store experiences, expanding its digital presence, and building a more efficient supply chain to foster long-term growth.

How does Target aim to attract more customers?

Target aims to attract more customers by offering competitive prices, quality products, exclusive brand collaborations, and a rewarding loyalty program through Target Circle.

Target Corporation

NYSE:TGT

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69.27B
462.64M
0.18%
81.28%
1.77%
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