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MINNEAPOLIS – Target Corporation announced strong holiday sales growth for November and December 2024, reporting a 2.8% increase in total sales compared to the previous year. Alongside this performance, the company revealed significant leadership changes, including retirements and new appointments across its stores, technology, and digital teams, to position Target for continued success in 2025 and beyond.
Comparable sales rose by 2.0%, while digital sales grew nearly 9%, driven by the popularity of same-day delivery services and the company’s third-party marketplace, Target Plus.
Guest traffic saw a robust 3% increase, reflecting growth across both in-store and digital channels. Discretionary categories such as apparel and toys experienced notable acceleration compared to third-quarter trends, with continued strength in beauty and other high-frequency categories.
CEO Brian Cornell credited the company’s success to its team’s dedication, saying, “With an unmatched combination of quality and value, on-trend assortments, and a seamless shopping experience, our team continues to make Target a destination for consumers during seasonal moments and everyday occasions.”
Scot Meyer
Q4 Guidance
Target expects a 1.5% increase in comparable sales for the fourth quarter and projects GAAP and Adjusted EPS between $1.85 to $2.45. Full-year GAAP and Adjusted EPS are forecasted between $8.30 to $8.90.
Leadership Transitions
Target announced significant leadership changes to position the company for long-term success:
- Mark Schindele, Executive VP and Chief Stores Officer, will retire after 25 years with Target. Adrienne Costanzo, currently Senior VP of Store Operations, will succeed Schindele effective February 2, 2025.
- Brett Craig, Executive VP and Chief Information Officer, will retire after 15 years. Prat Vemana, currently Chief Digital and Product Officer, will take on an expanded role as Chief Information and Product Officer, focusing on technology, automation, and AI.
- Sarah Travis, Senior VP of Roundel and Social Commerce, will be promoted to Executive VP and Chief Digital and Revenue Officer. Her role will integrate Target’s growing e-commerce and revenue-driving initiatives, including social commerce and in-house media platform Roundel, which is expected to generate nearly $2 billion in value for fiscal 2024.
“These leadership updates will help us continue to deliver a differentiated shopping experience every day across every channel,” said Cornell.
