Welcome to our dedicated page for Target news (Ticker: TGT), a resource for investors and traders seeking the latest updates and insights on Target stock.
Target Corporation (NYSE: TGT) generates frequent news as a large U.S. general merchandise retailer with nearly 2,000 stores and a significant digital presence. Company announcements highlight new product collaborations, wellness and style initiatives, holiday promotions, digital innovation and corporate developments, giving investors and shoppers insight into how Target evolves its business.
Recent news emphasizes Target’s focus on wellness and everyday wellbeing, including a substantial expansion of its wellness assortment across food and beverage, baby, beauty, health and apparel. Releases describe the addition of thousands of new items and more exclusives, such as protein-focused foods, targeted supplements, functional and non-alcoholic beverages, and family wellness products. Partnerships with brands like ButcherBox and Edna’s Non-Alcoholic Cocktail Co. illustrate how Target brings wellness-oriented offerings into its stores.
Style and design are another recurring theme. Target has announced exclusive collections such as the Jeremiah Brent Home bedding line, which offers an assortment of bedding items with an elevated aesthetic at accessible price points. The company also opened Target SoHo, a design-forward concept store in New York’s SoHo neighborhood, described as an immersive, shoppable experience featuring curated fashion, beauty and home assortments and rotating trend showcases.
Seasonal and promotional events feature prominently in Target’s news flow. The company issues detailed releases on Black Friday and Cyber Monday programs, multi-day sales, exclusive product launches, surprise giveaways and extended store hours. These announcements outline savings across toys, tech, apparel, home and beauty, as well as in-store experiences and holiday-themed campaigns.
Target also reports on digital and AI-enabled features, including the Target app in ChatGPT, AI-powered Gift Finder, List Scanner and a Deals page designed to personalize offers. Corporate filings and news releases may cover quarterly financial results, credit agreements and leadership succession plans. For readers following TGT, this news page brings together these updates so they can see how Target’s merchandising, promotions, digital capabilities and governance are developing over time.
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.
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.
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.
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%.
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.
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.
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.
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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