Target Performance: Q4 & Fiscal 2022
Retail news. Target releases Q4 and Fiscal 2022 earnings, reporting 23 consecutive quarters of sales growth. The 2.2% sales growth was led by frequency businesses including Beauty, Food & Beverage, and Household Essentials, which offset softening sales in discretionary categories.
Target emphasized their desire to spread joy with value, inspiration and ease. Their investments in optimizing shopping experience and utilizing stores for fulfillment needs have deepened guests' engagement with Target, which is reflected in the continued traffic and sales growth.
See overall highlights below:
Q4 Highlights:
+4.3% Same-day services
+0.7% comparable sales
+$400M Total Revenue
Fiscal 2022 Highlights:
+3B in Total Revenue driving to $109B
+2.2% comparable sales
+2.1% in traffic
+7% Same-day services
Represents >10% of Total Sales
23 new stores & 140 full-store remodels
Starbucks delivery in Drive-up orders
6 additional sortation centers
Leaving 2022 Target enters a healthy inventory position, attributed to a conservative approach in discretionary categories and a reliability commitment in frequency businesses.
The company plans to invest $4 billion to $5 billion this year to expand its guest-centric services, operations network of stores and supply chain facilities, digital experiences and other capabilities.
2023 Strategic Investments:
Launch/Expand more than 10 owned brands
Drive Up returns nationwide
20 new stores unique to each community they serve and 175 store remodels
Sortation Center Expansion- from 9 to 15 centers by 2026
Target remains committed to delivering affordable joy to its guests through newness and relevance in owned & national brands, everyday value and a convenient shopping experience.
Read more about Target’s Q4 earnings and their 2023 strategic investments to fuel growth at their press releases below: