On this page of StockholderLetter.com we present the latest annual shareholder letter from TARGET CORP — ticker symbol TGT. Reading current and past TGT letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report Target Corporation 1000 Nicollet Mall Minneapolis, MN 55403 612.304.6073 View the digital version of our Annual Report at Target.com/annualreport.
Welcome to our 2024 Annual Report To explore key stories of the past year and find out what s ahead, visit corporate.target.com. You can view our Annual Report online at target.com/annualreport. Financial Highlights (Note: Reflects amounts attributable to continuing operations. 2023 was a 53-week year.) Net Sales Operating Income (a) In Millions Net Earnings Diluted EPS $93,561 $106,005 $109,120 $107,412 $106,566 $4,658 $6,539 $8,946 $3,848 $5,707 $5,566 $3,269 $4,368 $6,946 $2,780 $4,138 $4,091 $6.34 $8.64 $14.10 $5.98 $8.94 $8.86 In Millions $78,112 In Millions 19 20 21 22 23 24 19 20 21 22 23 24 19 20 21 22 23 24 19 20 21 22 23 24 2024 Performance: -0.8% Five-year CAGR: 6.4% 2024 Performance: -2.5% Five-year CAGR: 3.6% 2024 Performance: -1.1% Five-year CAGR: 4.6% 2024 Performance: -0.9% Five-year CAGR: 6.9% Total 2024 Merchandise Sales : $104,820 Million (a) 16% Apparel & Accessories 12% Beauty 23% 15% 16% 18% Food & Beverage Hardlines Home Furnishings & D cor Household Essentials (a) In 2024, we changed the presentation of revenue in our Consolidated Statements of Operations, consolidating the previous three-line format (Sales, Other Revenue, and Total Revenue) to a single line labeled Net Sales , which reflects all revenues (formerly Total Revenue). Note 2 to the Financial Statements in Form 10-K, Item 8, provides additional information.
Letter to Shareholders In addition to the products we offer, our team is focused on creating an experience in store and online that elevates everyday shopping. We opened 23 new stores in 2024, expect to open about 20 this year and will remodel many more. We ve also built a $20 billion first-party digital business that delivers incremental profit to our bottom-line as it grows, and this business continues to expand, with double digit growth last year in same-day services like Drive Up and same-day delivery with Target Circle 360. Target Circle 360 is part of our broader loyalty platform, Target Circle, which we relaunched in 2024 to help members save more and deepen their connection with our brand. Our offer is resonating with active Target Circle members spending three times more on average compared with nonmembers, and those who added a Target Circle 360 subscription spending an average of eight times more. The insights we gain from Target Circle help to power our media business, Roundel. With a focus on connecting the right products to the right guests in a way that enhances the overall experience for consumers, Roundel delivered nearly $2 billion in value last year and is expected to double in size by 2030. Our path to growth To my fellow shareholders, Target is a company designed to deliver long-term profitable growth. For decades, we have invested in the scale, strategy and capabilities that allow our team to navigate a fast-evolving retail landscape and meet the needs of today s consumers. We entered 2024 with a commitment to stay nimble and generate profitable growth, and even in a challenging retail environment, our team delivered. However, those results came with an unexpectedly high level of variability throughout the year, which we aim to continue mitigating moving forward. By controlling what we can control, listening closely to consumers and staying focused on what differentiates Target, we are confident we can continue to create value for our stakeholders, as we have for more than 50 years. Creating Today s Tarzhay Target occupies a unique space in U.S. retail something our guests have coined Tarzhay. It s a term that captures the blend of affordability, style and newness we deliver at the intersection of product and experience. Paired with ongoing investments in our team, technology and operations, our distinct approach inspires consumers to choose Target and drives growth. Today s Tarzhay starts with product. Our mix of only-at-Target owned brands, well-known national brands and partnerships with world-famous designers and small independent brands stands out in a competitive retail landscape. In 2024, we lowered prices on more than 10,000 items to deliver even more affordability to value-conscious consumers, particularly through our $31 billion owned brand portfolio. At the same time, we leveraged Target s deep ties to fashion, entertainment, sports and culture to not only adopt trends but create them. We re building on our history of working with great brands like Ulta Beauty, Apple, Disney and Starbucks while adding new partners like Champion and Warby Parker. And our billion-dollar third-party marketplace Target Plus adds breadth to our assortment and is growing at a double-digit pace. Target continually invests in the key elements that set us apart from other retailers our assortment and our experience to stay ahead of emerging industry trends and evolving consumer behavior. Over the past five years, this differentiated strategy delivered nearly $30 billion in topline growth. Importantly, that growth was fueled by traffic, with 350 million more guest trips in 2024 compared to 2019. Growth rates varied widely over this five-year span as consumer demand for discretionary categories shifted through the pandemic and during the period of high inflation that followed. Gains in our discretionary business over the recent holiday season, combined with continued growth in our frequency categories, position our topline for continued growth in the years ahead. Propelled by the strength of our strategy, we expect to continue growing over time. We ll continue to build on the investments we ve made in stores, supply chain and technology with plans to invest more than $4 billion this year to bring additional speed, efficiency and reliability to our operations. These efforts complement the more than $2 billion we ve saved over the past two years through ongoing efficiency work, which allows us to reinvest in our products, experience and team. And with our scale, cross-category momentum and significant growth potential in areas like same-day delivery, we believe we can grow our business by more than $15 billion within five years. Thank you for your investment in Target. More than 400,000 team members are ready to navigate near-term challenges in order to deliver on our company s long-term ambitions. The steady drumbeat of everyday discovery and delight we offer to consumers through our products and experience has been the catalyst for growth since our founding, and our team looks forward to building on that legacy as we guide Target into its next chapter of growth. Brian Cornell, Chair and CEO
 • shareholder letter icon 4/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/1/2023 TGT Stockholder Letter
 • stockholder letter icon 4/29/2024 TGT Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon TGT Benford's Law Stock Score = 96


TGT Shareholder/Stockholder Letter Transcript:

2024
Annual Report
Target
Corporation
1000 Nicollet Mall
Minneapolis, MN 55403
612.304.6073
View the digital version of our Annual Report
at Target.com/annualreport.

Neenah environment   PC 100 White papers
are manufactured with 100% renewable
green energy. Our 100% post   consumer
recycled papers are manufactured from
sustainable raw materials and are processed
using chlorine-free practices.

Welcome to our
2024 Annual Report
To explore key stories of the past
year and find out what   s ahead,
visit corporate.target.com. You can
view our Annual Report online
at target.com/annualreport.
Financial Highlights
(Note: Reflects amounts attributable to continuing operations. 2023 was a 53-week year.)
Net Sales
Operating Income
(a)
In Millions
Net Earnings
Diluted EPS
$93,561
$106,005
$109,120
$107,412
$106,566
$4,658
$6,539
$8,946
$3,848
$5,707
$5,566
$3,269
$4,368
$6,946
$2,780
$4,138
$4,091
$6.34
$8.64
$14.10
$5.98
$8.94
$8.86
In Millions
$78,112
In Millions
   19
   20
   21
   22    23
   24
   19
   20
   21
   22
   23
   24
   19
   20
   21
   22
   23
   24
   19
   20
   21
   22
   23
   24
2024 Performance: -0.8%
Five-year CAGR: 6.4%
2024 Performance: -2.5%
Five-year CAGR: 3.6%
2024 Performance: -1.1%
Five-year CAGR: 4.6%
2024 Performance: -0.9%
Five-year CAGR: 6.9%
Total 2024 Merchandise Sales : $104,820 Million
(a)
16%
Apparel &
Accessories
12%
Beauty
23%
15%
16%
18%
Food & Beverage
Hardlines
Home Furnishings
& D  cor
Household
Essentials
(a) In 2024, we changed the presentation of revenue in our Consolidated Statements of Operations, consolidating the previous three-line format (Sales, Other Revenue, and Total Revenue) to a single line
labeled    Net Sales   , which reflects all revenues (formerly Total Revenue). Note 2 to the Financial Statements in Form 10-K, Item 8, provides additional information.


Letter to Shareholders
In addition to the products we offer, our team is focused on creating
an experience   in store and online   that elevates everyday shopping.
We opened 23 new stores in 2024, expect to open about 20 this year
and will remodel many more. We   ve also built a $20 billion first-party
digital business that delivers incremental profit to our bottom-line as
it grows, and this business continues to expand, with double digit
growth last year in same-day services like Drive Up and same-day
delivery with Target Circle 360.
Target Circle 360 is part of our broader loyalty platform,
Target Circle, which we relaunched in 2024 to help members save
more and deepen their connection with our brand. Our offer is
resonating   with active Target Circle members spending three times
more on average compared with nonmembers, and those who
added a Target Circle 360 subscription spending an average of
eight times more.
The insights we gain from Target Circle help to power our media
business, Roundel. With a focus on connecting the right products
to the right guests in a way that enhances the overall experience
for consumers, Roundel delivered nearly $2 billion in value last
year and is expected to double in size by 2030.
Our path to growth
To my fellow shareholders,
Target is a company designed to deliver long-term profitable
growth. For decades, we have invested in the scale, strategy and
capabilities that allow our team to navigate a fast-evolving retail
landscape and meet the needs of today   s consumers.
We entered 2024 with a commitment to stay nimble and
generate profitable growth, and even in a challenging retail
environment, our team delivered. However, those results came
with an unexpectedly high level of variability throughout the year,
which we aim to continue mitigating moving forward. By controlling
what we can control, listening closely to consumers and staying
focused on what differentiates Target, we are confident we
can continue to create value for our stakeholders, as we have
for more than 50 years.
Creating Today   s Tarzhay
Target occupies a unique space in U.S. retail   something
our guests have coined    Tarzhay.    It   s a term that captures
the blend of affordability, style and newness we deliver at the
intersection of product and experience. Paired with ongoing
investments in our team, technology and operations, our distinct
approach inspires consumers to choose Target and drives growth.
Today   s Tarzhay starts with product. Our mix of only-at-Target
owned brands, well-known national brands and partnerships
with world-famous designers and small independent brands
stands out in a competitive retail landscape.
In 2024, we lowered prices on more than 10,000 items to deliver even
more affordability to value-conscious consumers, particularly through
our $31 billion owned brand portfolio. At the same time, we leveraged
Target   s deep ties to fashion, entertainment, sports and culture
to not only adopt trends but create them. We   re building on our
history of working with great brands like Ulta Beauty, Apple, Disney
and Starbucks while adding new partners like Champion and Warby
Parker. And our billion-dollar third-party marketplace Target Plus adds
breadth to our assortment and is growing at a double-digit pace.
Target continually invests in the key elements that set us apart from
other retailers   our assortment and our experience   to stay ahead
of emerging industry trends and evolving consumer behavior.
Over the past five years, this differentiated strategy delivered nearly
$30 billion in topline growth. Importantly, that growth was fueled
by traffic, with 350 million more guest trips in 2024 compared to 2019.
Growth rates varied widely over this five-year span as consumer
demand for discretionary categories shifted through the pandemic
and during the period of high inflation that followed. Gains in our
discretionary business over the recent holiday season, combined
with continued growth in our frequency categories, position our
topline for continued growth in the years ahead.
Propelled by the strength of our strategy, we expect to continue
growing over time. We   ll continue to build on the investments we   ve
made in stores, supply chain and technology with plans to invest
more than $4 billion this year to bring additional speed, efficiency
and reliability to our operations. These efforts complement the
more than $2 billion we   ve saved over the past two years through
ongoing efficiency work, which allows us to reinvest in our products,
experience and team. And with our scale, cross-category momentum
and significant growth potential in areas like same-day delivery, we
believe we can grow our business by more than $15 billion within five
years.
Thank you for your investment in Target. More than 400,000 team
members are ready to navigate near-term challenges in order to
deliver on our company   s long-term ambitions. The steady drumbeat
of everyday discovery and delight we offer to consumers through our
products and experience has been the catalyst for growth since our
founding, and our team looks forward to building on that legacy as we
guide Target into its next chapter of growth.
Brian Cornell, Chair and CEO



shareholder letter icon 4/28/2025 Letter Continued (Full PDF)
 

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