After Strong Quarter, Target Bullish on Year Ahead and Strategies

Target scored big in the first quarter and remains confident for the year. “We are not slowing down,” Brian Cornell, the retailer’s chairman and chief executive officer, said Wednesday. “The team has accomplished an incredible amount,” said Cornell, referring to strategies and capabilities that the company began implementing two years ago. On Wednesday, Target reported a 10.8 percent lift in first-quarter net earnings to $795 million on a comparable sales gain of 4.8 percent, providing evidence that those long-term initiatives — remodeling stores and evolving them into fulfillment hubs; providing fast and convenient delivery and online order pickup options, and aggressive exclusive and private brand development — are paying off. “Since that time, we’ve seen a meaningful acceleration in our business,” Cornell said. “In fact, the first quarter marked Target’s eighth consecutive quarter of comparable sales increases.…Throughout this year, we will continue to extend the reach of our same-day fulfillment options, strengthen our portfolio of owned and exclusive brands, remodel and open more stores and invest in our team. We’re confident that we’re well-positioned to deliver strong financial performance in 2019 and beyond. “We perform best when we are pursuing our own path, not when we are chasing someone else,” Cornell said, citing store

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