RILA welcomes new Board Chairman Brian Cornell chairman and CEO of Target Corporation

Semi-Annual Meeting Brings New Chairman, Four New Board Members​

Arlington , VA, 2018-Jan-24 — /EPR Retail News/ — The Retail Industry Leaders Association (RILA) announced today (1/22/2018) that four top retail executives have been selected to join the association’s Board of Directors in an election that took place during the Board’s semi-annual meeting, held Sunday in Tucson, Arizona. In addition, RILA welcomed a new Board Chairman, Brian Cornell, chairman and chief executive officer of Target Corporation. Cornell, who succeeds former Chairman Bill Rhodes of AutoZone, will serve a two-year term.

New to the association’s Board of Directors are:

  • Gina Boswell, President, Customer Development, Unilever
  • Mark Breitbard, President & Chief Executive Officer, Banana Republic, Gap Inc.
  • Michele Buck, President & Chief Executive Officer, The Hershey Co.
  • Richard Keyes, President & Chief Executive Officer, Meijer, Inc.

“The past year was one of tremendous change in retail as we saw fundamental shifts in where and how people choose to shop. We also saw firsthand the power of our industry when we find common ground and advocate for consumers.  As RILA’s Chairman, I’m looking forward to the opportunity to build upon our shared successes and help drive positive change for our customers, our teams and our industry,” said Brian Cornell, chairman and chief executive officer, Target Corporation.

For a full Q&A with Brian Cornell about his upcoming chairmanship, click here.

“RILA is fortunate to be led by such an exceptional Board of Directors. Our success is in large part a result of their commitment to collaborate with one another and provide us with critical insights and direction,” said RILA President Sandy Kennedy. “We’re thrilled to welcome four additional Board members this year and we’re confident that we will continue to accomplish great things under Brian’s leadership.”

The 2018 RILA Board of Directors:

  • Brian Cornell, Chairman & Chief Executive Officer, Target Corporation (Chairman)
  • Mary Dillon, Chief Executive Officer, ULTA Beauty (Vice Chairman)
  • Bill Rhodes, Chairman, President & Chief Executive Officer, AutoZone, Inc. (Immediate Past Chairman)
  • James Myers, Chairman, Petco Holdings, Inc. (Treasurer)
  • Robert Niblock, Chairman & Chief Executive Officer, Lowe’s Companies, Inc. (Secretary)
  • Gina Boswell, President, Customer Development, Unilever*
  • Mark Breitbard, President & Chief Executive Officer, Banana Republic, Gap Inc.*
  • Shelley Broader, President & Chief Executive Officer, Chico’s FAS, Inc.
  • Michele Buck, President & Chief Executive Officer, The Hershey Co.*
  • James Dinkins, President, Coca-Cola North America, The Coca-Cola Company
  • Marvin Ellison, Chairman & Chief Executive Officer, J.C. Penney Company, Inc.
  • Alexander Gourlay, Co-Chief Operating Officer, Walgreens Boot Alliance and President, Walgreen Co.
  • Alan Hoskins, Chief Executive Officer, Energizer Holdings, Inc.
  • Joe Jensen, Vice President, Internet of Things Group, and General Manager, Retail Solutions Division, Intel Corporation
  • Richard Johnson, President & Chief Executive Officer, Foot Locker, Inc.
  • Hubert Joly, Chairman & Chief Executive Officer, Best Buy Co., Inc.
  • Richard Keyes, President & Chief Executive Officer, Meijer, Inc.*
  • Stephen Laughlin, Vice President & Global Industry Leader, Retail, IBM Corporation
  • Craig Menear, Chairman, Chief Executive Officer & President, The Home Depot, Inc.
  • Michael Polk, Chief Executive Officer, Newell Brands
  • Steve Rendle, President & Chief Executive Officer, VF Corporation
  • Gregory Sandfort, Chief Executive Officer, Tractor Supply Company
  • Jill Standish, Senior Managing Director, Global Retail Consulting Practice, Accenture
  • Todd Vasos, Chief Executive Officer, Dollar General Corporation
  • Sandra Kennedy, President, Retail Industry Leaders Association

*Denotes Newly Elected Member

RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs, and more than 100,000 stores, manufacturing facilities, and distribution centers domestically and abroad.

Contact:
Christin Fernandez
Vice President, Communications
Phone: 703-600-2039
Email: christin.fernandez@rila.org

Source: RILA

Target celebrates 20 years of supporting the mission St. Jude Children’s Research Hospital to end childhood cancer

Target has been proud to support the mission of St. Jude since 1996 

MINNEAPOLIS, 2016-Dec-07 — /EPR Retail News/ — This month, Target Corporation (NYSE: TGT) and St. Jude Children’s Research Hospital® are celebrating 20 years of partnership in helping save the lives of children battling cancer and other life-threatening diseases. Target’s dedication to children and families at St. Jude began in 1996 with a commitment to design and build Target House, the hospital’s long-term housing facility that gives patients and families a home-away-from-home while undergoing treatment. Since opening in 1999, Target House has hosted more than 4,500 families from 45 states and 47 countries and territories. While accommodating up to 98 families at a time, each apartment is fully furnished with products donated by Target and vendor partners. Staying true to the mission of St. Jude, none of these families ever receive a bill for treatment, travel, housing or food – because all a family should worry about is helping their child live.

Beyond Target House, Target has donated millions of dollars throughout the years to help fuel groundbreaking research at St. Jude, giving the world new insights into some of the most aggressive childhood cancers and helping St. Jude to improve the quality of life for survivors. Treatments invented at St. Jude have helped push the overall childhood cancer survival rate from 20 percent to more than 80 percent since it opened more than 50 years ago.

“Target has been an incredible part of the St. Jude family, showing unwavering dedication to our lifesaving mission for two decades,” said Richard Shadyac Jr., president and CEO of ALSAC, the fundraising and awareness organization for St. Jude Children’s Research Hospital. “Target’s generosity means St. Jude patients and families can maintain a sense of normalcy during treatment, because Target has provided an amazing home-away-from-home through Target House as well as unique opportunities for patients to just be kids. The magical moments and unforgettable experiences Target has created help our patients and families escape the realities of their treatments and enjoy childhood. We are incredibly grateful to Target for its 20-year partnership and look forward to many more years to come.”

In addition, over the course of the 20-year partnership, Target’s support has included:

  • Target House Events: Target has thrown more than 100 St. Jude Target House events and other fun-filled carnivals, parties and more for the patients and families of St. Jude.
  • Sponsorships: Target sponsors events such as the National Walk/Run to End Childhood Cancer, Fall Festival of Hope and Red Carpet for Hope. Since 2009, there have been 25 Target-sponsored events.
  • St. Jude Thanks & Giving® Campaign: From 2004–2013, Target and key vendors supported the St. Jude Thanks & Giving® campaign through an in-store cause program benefitting St. Jude and Target House.
  • St. Jude School: In 2010, Target sponsored and helped fully renovate the St. Jude School, a space that houses programs that continue patients’ educational growth while at St. Jude and ensure they can celebrate important milestones, such as kindergarten graduation. Through 2015, Target’s support helped continue to expand the space and update furnishing and technology.
  • Target Team Member Volunteers: Thousands of Target team members around the country have gotten involved with St. Jude over the years, volunteering their time and energy to help further the St. Jude mission.

“We’re proud of Target’s longtime partnership with St. Jude and are honored to have helped the incredible patients and families at St. Jude over the past 20 years,” said Laysha Ward, chief corporate social responsibility officer, Target. “I visit Target House every year – the families that I’ve met and the hope and resilience I see in these children is awe-inspiring. On behalf of Target, I want to extend a huge thank you to the St. Jude team and all of the Target partners and volunteers across the country who have dedicated countless hours and financial resources to help St. Jude achieve their mission of saving lives and finding cures.”

The 20-year sponsorship celebration culminated last week with Target’s holiday Bullseye Bash, which was attended by Target’s chairman and CEO, Brian Cornell, and other Target leaders. Hundreds of patients and their families had a chance to enjoy a variety of holiday-themed activities, including Nutcracker-inspired performances featuring a cast of fun characters.  They also had an opportunity to meet Target’s dog mascot, Bullseye. Click here for more on Target’s Bullseye Bash.

About Target

Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,803 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter

About St. Jude Children’s Research Hospital

St. Jude Children’s Research Hospital is leading the way the world understands, treats and defeats childhood cancer and other life-threatening diseases. It is the only National Cancer Institute-designated Comprehensive Cancer Center devoted solely to children. Treatments invented at St. Jude have helped push the overall childhood cancer survival rate from 20 percent to 80 percent since the hospital opened more than 50 years ago. St. Jude is working to drive the overall survival rate for childhood cancer to 90 percent, and we won’t stop until no child dies from cancer. St. Jude freely shares the discoveries it makes, and every child saved at St. Jude means doctors and scientists worldwide can use that knowledge to save thousands more children. Families never receive a bill from St. Jude for treatment, travel, housing or food – because all a family should worry about is helping their child live. Join the St. Jude mission by visiting stjude.org, liking St. Jude on Facebook (facebook.com/stjude) and following us on Twitter (@stjude).

Media Contact:

Angie Thompson
Communications
(612) 761-4965

Target Media Hotline:
(612) 696-3400

Source: Target

Target honored to sign the White House Equal Pay Pledge and affirm its commitment to making pay equitable for everyone at Target

MINNEAPOLIS, 2016-Aug-28 — /EPR Retail News/ — At Target, we believe diversity and inclusivity make teams and Target better. We work to create a diverse and inclusive working environment and cultivate an inclusive guest experience, building a better Target for our team members and guests – and a better society for all.

Target is honored to sign the White House Equal Pay Pledge and affirm our commitment to making pay equitable for everyone at Target, including women in the workplace. To achieve our goal of pay equity, we’ve implemented meaningful business practices, including continued leadership training designed, in part, to reduce the likelihood that leaders’ decisions are improperly influenced by bias or stereotyping.  We also use other internal measures, such as a comprehensive annual pay audit process, to ensure compensation is fair and equitable across the organization.

Additionally, earlier this year, Target CEO Brian Cornell joined PepsiCo CEO Indra Nooyi to co-chair the Network of Executive Women’s Future Fund – an industry-wide campaign aimed at achieving 50/50 gender parity in the workforce. We’ve also earned a spot on the list for the Top Companies for Executive Women from the National Association for Female Executives for the past four years.

We are proud of our internal initiatives and external partnerships, and we remain committed to improving pay processes and policies that ensure equality and fairness for all.

About Target Corporation
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,797 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

Contact:
Media Hotline: 612) 696-3400
Investor Relations: (612) 696-3400
Advertising Inquiries: media@target.com

Source: Target

P&G former group president Melanie Healey elected to Target Corporation’s Board of Directors

MINNEAPOLIS, 2015-11-13 — /EPR Retail News/ — Target Corporation (NYSE: TGT) announced today its board of directors elected Melanie Healey, former group president, North America, of The Procter & Gamble Company (P&G, NYSE: PG), as a new director, effective immediately.

Ms. Healey, 54, spent more than 25 years at P&G. During her tenure, she worked in Brazil, Mexico, Venezuela and the United States, most recently as group president and advisor to the chairman and chief executive officer, from January 2015 until July 2015 and as group president, North America, from 2009 until December 2014. Her history at the company includes a variety of leadership roles in marketing and in the health and personal care businesses, including group president, global feminine and health care. Prior to P&G, Ms. Healey held positions at S.C. Johnson & Sons and Johnson & Johnson.

“Mel brings to Target’s board more than 30 years of CPG experience and a passion for improving the lives of consumers around the world. She has a track record of delivering growth, driving operational improvements and launching successful product innovations for globally recognized brands. She also has a history of building wellness brands, which will provide an important perspective as Target continues to elevate wellness as one of our signature categories,” said Brian Cornell, chairman and CEO of Target.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,805 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter

media contact

Dustee Jenkins
Public Relations
p: (612) 696-3400

John Hulbert
Investor Relations
p: (612) 761-6627

Target Corporation announces the promotion of John Mulligan to the newly created role of EVP and chief operating officer, effective Sept. 1

MINNEAPOLIS, 2015-8-18— /EPR Retail News/ — Target Corporation (NYSE: TGT) today promoted John Mulligan to the newly created role of executive vice president and chief operating officer, effective Sept. 1. Mulligan will assume oversight of stores, supply chain and properties. Joining Target as executive vice president and chief financial officer will be Cathy Smith, a seasoned retail business leader. Both Mulligan and Smith will report to Target’s chairman and chief executive officer, Brian Cornell.

“John has unparalleled expertise in Target’s business and I am very pleased that he will be assuming this new leadership position. Bringing together key operations functions under John will put Target on a more progressive path to transformation and help us break down barriers to deliver improvements across our business,” said Cornell. “As our new CFO, Cathy brings significant business and retail expertise to Target. Her background will be integral to accelerating our long-term growth strategy.”

Mulligan has worked at the Minneapolis-based company since 1996, when he began as a financial analyst. He has served as the company’s chief financial officer since 2012. In 2014, he led the company as the retailer’s interim president and CEO from May to August while continuing to act as CFO. Throughout his tenure at Target, Mulligan has served in key leadership positions in finance and human resources, including director of Target.com Finance, director of Capital Investments, vice president of Pay and Benefits, vice president of Financial Planning and Analysis and senior vice president of Treasury and Accounting.

“Integrating operations will help further fuel Target’s transformation and as COO, I’ll prioritize driving improvements in the fundamental areas of our business and equipping the team to move quickly. By working strategically across the enterprise, we will build on the critical capabilities that will fuel Target’s differentiation in the marketplace. Achieving operational excellence is foundational to Target’s long-term success,” said Mulligan.

The company will report its second quarter financial results on Aug. 19 and host a conference call with investors where Cornell, Mulligan and Smith will participate. Mulligan will also serve as an advisor to Smith throughout her transition into the company and the role. Smith will formally join the company on Sept. 1, 2015.

“I have a tremendous amount of respect and admiration for the Target brand and the team behind it. I look forward to continuing Target’s strong record of financial management and playing an active role as Target makes gains on its long-term strategic plan,” said Smith.

Prior to joining Target, Smith served as executive vice president and chief financial officer at St. Louis-based Express Scripts, a Fortune 20 company and the nation’s largest pharmacy benefit manager with $100 billion in revenue. She has also held CFO positions at Walmart International, GameStop, and others. Cathy received her BA from the University of California, Santa Barbara and her MBA from the University of Southern California. As CFO at Target, Smith’s responsibilities will include Treasury and Tax; Internal and External Financial Reporting and Operations; Financial Planning and Analysis; Internal Audit; Investor Relations; and Target’s Financial and Retail Services Business.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,799 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

media contact

Dustee Jenkins
Public Relations
p: (612) 696-3400

John Hulbert
Investor Relations
p: (612) 761-6627

Target Corporation elected Donald R. Knauss and Robert L. Edwards as new directors

MINNEAPOLIS, 2015-8-17— /EPR Retail News/ — Target Corporation (NYSE: TGT) announced today its board of directors elected Donald R. Knauss, former executive chairman and former chairman and chief executive officer of The Clorox Company (NYSE: CLX), and Robert L. Edwards, former CEO of Safeway Inc., as new directors, effective immediately.

Mr. Knauss, 64, served as chairman and CEO of Clorox from October 2006 until November 2014. He then served as executive chairman until July 1, 2015. Before joining Clorox, he was president and chief operating officer of Coca-Cola North America. He is also a former U.S. Marine Corps officer.

Mr. Edwards, 60, served as CEO of Safeway from May 2013 until April 2015. He also served Safeway as president and chief financial officer, from April 2012 to May 2013. He joined Safeway in 2004 as executive vice president and chief financial officer.

“Don and Robert each bring a deep understanding of the consumer and a wealth of relevant expertise to Target. Don has a lengthy track record of driving the strategic growth of prominent, consumer brands at global companies. Robert has held leadership positions in the grocery industry for more than a decade and will offer a fresh perspective on our food reinvention, in particular. Don and Robert will be important additions to our board as we continue to transform Target and elevate the guest experience,” said Brian Cornell, chairman and CEO of Target.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,799 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities; that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

media contact
Dustee Jenkins
Public Relations
p: (612) 696-3400

John Hulbert
Investor Relations
p: (612) 761-6627

CVS Health to acquire Target’s pharmacy and clinic businesses for approximately $1.9 billion

  • CVS Health and Target to offer best-in-class pharmacy and medical clinic services to Target guests and plan to develop Target stores that include CVS/pharmacy
  • Transaction will expand CVS Health’s retail presence in new markets and enhance Target’s wellness offerings

Woonsocket, RI and Minneapolis, MN, 2015-6-17 — /EPR Retail News/ — CVS Health Corporation (NYSE:CVS) and Target Corporation (NYSE:TGT) announced today that they have entered into a definitive agreement for CVS Health to acquire Target’s pharmacy and clinic businesses for approximately $1.9 billion. Through this agreement, CVS Health will acquire Target’s more than 1,660 pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Target’s nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction. The new clinics will be part of CVS/minuteclinic’s plan to operate 1,500 clinics by 2017. In addition, CVS Health and Target plan to develop five to 10 small, flexible format stores over a two-year period following the deal close, which will each be branded as TargetExpress and include a CVS/pharmacy.

This strategic relationship brings together two leading retailers with complementary strengths, brands and cultures to enhance the health care experience for Target guests while expanding CVS Health’s retail presence in new markets, such as Seattle, Denver, Portland and Salt Lake City.  The transaction enables CVS Health to reach more patients, adding a new retail channel for its offerings, and expanding convenient options for consumers. Given CVS Health’s proven success in growing its business, the relationship is expected to benefit Target’s long-term traffic and sales growth. It also enables Target to strengthen its focus on wellness as a signature category.  Moving forward, enhanced efforts by Target will center on continuing to deliver products and experiences to help guests eat well, be active and find natural and clean label products.

“This strategic relationship with Target supports the highly complementary customer base, brand and culture we share,” said Larry Merlo, CVS Health President and CEO.  “When we introduced the new name for our company, CVS Health, we began a new era of growth with a broader health care focus and an appreciation of the rise of health care consumerism with consumer choice and accountability growing.  This relationship with Target will provide consumers with expanded options and access to our unique health care services that lead to better health outcomes and lower overall health care costs.”

“At Target, we’ve talked a lot about the evolving preferences of our guests and this partnership demonstrates that we’re committed to putting them at the forefront of everything we do,” said Brian Cornell, Target Chairman and CEO.  “By partnering with CVS Health, we will offer our guests industry leading health care services, and at the same time, sharpen our focus on elevating the way we deliver wellness products and experiences to our guests.”

Following completion of the transaction, Target guests will have access to CVS Health’s leading pharmacy care programs and medical clinic services.  Pharmacy programs, including Pharmacy Advisor, Specialty Connect and Maintenance Choice, will help consumers achieve better medication adherence through both improved convenience as well as enhanced pharmacy care counseling.  CVS Health has also committed to having a low-cost generic drug option available to Target’s cash-paying guests.  In addition, with MinuteClinic at Target locations, Target guests will have enhanced access to high-quality affordable medical care.  CVS Health customers will gain the option of an expanded, one-stop Target shopping experience, including apparel, home, fresh food and more, when seeking health care services.

The strategic relationship also unlocks future joint development opportunities.  Together, Target and CVS Health will carefully evaluate and select locations best-suited for new small format Target stores with a CVS/pharmacy inside.  Additionally, Target and CVS Health will explore innovative, new market offerings that have the potential to generate strong returns on investment and offer long-term benefits for customers and communities.

“We operate in a rapidly changing health care and regulatory environment,” added CVS Health’s Merlo.  “This requires companies like CVS Health to continually innovate, providing additional points of access, lowering costs and improving quality for both consumers and payors.”

This acquisition is consistent with each company’s stated goals of investing in core businesses that help drive growth.

CVS Health expects this transaction to generate significant sales and prescription volumes upon closing, and to generate significant operating profit over the long term. The company will finance the transaction with additional debt. In combination with CVS Health’s planned acquisition of Omnicare, this transaction will increase the company’s Adjusted Debt to EBITDA leverage ratio to approximately 3.2x. In support of reaching its leverage target of 2.7x, CVS Health is reducing its share repurchase guidance for 2015 by $1 billion, from $6 billion to $5 billion. This reduction in share repurchases reduces the company’s 2015 Adjusted Earnings Per Share guidance by approximately one cent per share and will lower 2016 Adjusted Earnings Per Share by approximately 4 cents per share.

The timing of closing the transaction is uncertain; assuming it closes near the end of the year, the transaction is expected to be approximately 6 cents dilutive to CVS Health’s Adjusted Earnings Per Share in 2016.  This includes the dilutive impact to 2016 from the lower 2015 share repurchase of approximately 4 cents per share as well as financing costs of approximately 5 cents per share; it excludes integration costs and any transaction or one-time costs associated with the deal. On the same basis, the transaction is expected to be approximately 10 cents accretive to CVS Health’s Adjusted Earnings Per Share in 2017, and at least 12 cents accretive to CVS Health’s Adjusted Earnings Per Share in 2018 and beyond.

This transaction will allow Target to continue offering this traffic-driving business in its stores and deliver a differentiated experience in support of its wellness efforts.  Target’s after-tax net proceeds from the transaction are expected to be approximately $1.2 billion, which Target expects to deploy in support of its long-standing capital priorities, including share repurchase. The transaction is expected to benefit Target’s Segment EBITDA and EBIT margins post-close, is expected to be accretive to Target’s EPS immediately following the deal close, and is expected to add half a percentage point or more to Target’s return on invested capital over time.

The transaction is subject to customary closing conditions, including necessary regulatory clearance. In-store changes will be rolled out over a period of several months thereafter, as CVS Health and Target work to ensure the smoothest possible transition for all pharmacy and clinic patients.  CVS Health is committing to offering the approximately 14,000 in-store Target health care professionals comparable positions with CVS Health as part of the transition.  Also following the deal closing, Target will further evaluate the business impact and related support needs at its headquarters locations.

Barclays served as the financial advisor to CVS Health. CVS Health was advised on transaction legal matters by Fried Frank and on regulatory matters by Dechert LLP.

Goldman Sachs acted as financial advisor to Target.  Faegre Baker Daniels LLP, Wachtell, Lipton, Rosen & Katz, and Dorsey & Whitney advised Target on legal matters.

Teleconferences and Webcasts
CVS Health will be holding a conference call today for the investment community at 8:30 am (EDT) to discuss the transaction.  The dial-in number for the call is (800) 755-1805 or, for international callers, (212) 231-2909.  An audio webcast of the call will be broadcast simultaneously on CVS Health’s website for all interested parties.  To access the webcast, please visit the investor relations section of the company’s website at http://investors.CVSHealth.com/  A replay of the call will be available for 7 days starting at 10:30 am (EDT) on June 15 through 10:30 am (EDT) on June 22.  The replay number for the call is (800) 633-8284 or, for international callers, (402) 977-9140 (passcode: 21770599).  The webcast will be archived and available on the CVS Health website for a one-year period following the conference call.

Target will hold a conference call at 9:45 a.m. EDT today. Investors and the media are invited to listen to the call at Target.com/Investors (hover over “company” then click on “events & presentations” in the “investors” column). A telephone replay of the call will be available beginning at approximately 12:30 p.m. EDT today through the end of business on June 22, 2015. The replay number is (855) 859-2056 (passcode: 66577154).

About CVS Health CVS Health (NYSE: CVS) is a pharmacy innovation company helping people on their path to better health.  Through its 7,800 retail drugstores, nearly 1,000 walk-in medical clinics, a leading pharmacy benefits manager with more than 70 million plan members, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable, effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs.  Find more information about how CVS Health is shaping the future of health at www.cvshealth.com.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,795 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

CVS Health Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the federal securities laws.  By their nature, all forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by the forward-looking statements for a number of reasons as described in our Securities and Exchange Commission filings, including those set forth in the Risk Factors section and under the section entitled “Cautionary Statement Concerning Forward-Looking Statements” in our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q.

Target Forward-Looking Statement  
Statements by Target in this release regarding the expected benefits to Target’s long-term traffic and sales growth, Target’s expected after-tax proceeds from the transaction and the expected impact of the transaction on Target’s Segment EBIT margins, EPS and ROIC are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties that could cause Target’s actual results to differ materially. The most important risks and uncertainties include those relating to the certainty around satisfying the conditions to closing the transaction, how Target’s guests react to the transaction, the effectiveness of the ongoing relationship between Target and CVS Health, whether Target will recognize the expected benefits from the transaction and the risks described in Item 1A of Target’s Form 10-K for the fiscal year ended January 31, 2015.

media contact

Nancy Christal Investor Relations, CVS Health
p: (914) 722-4704

Carolyn Castel
Corporate Communications, CVS Health
p: (401) 770-5717

Dustee Jenkins
Public Relations
p: (612) 696-3400

John Hulbert
Investor Relations
p: (612) 761-6627

Target Corporation names Anne Dament to the role of Senior Vice President, Merchandising

Dament joins retailer as Senior Vice President-Merchandising

MINNEAPOLIS, 2015-4-16 — /EPR Retail News/ — Target Corporation (NYSE: TGT) today announced the appointment of Anne Dament to the role of Senior Vice President, Merchandising. In this role, she will be responsible for leading the strategic repositioning of Target’s food business.

Dament brings more than 19 years of grocery and consumer packaged goods experience to the role. She started her career in food, as a buyer at SUPERVALU and then at Safeway where she held various category and sales management positions. Later she led Safeway’s Homecare and General Merchandising business operations, where she worked closely with a variety of consumer packaged goods partners and focused on the company’s global buying strategy. In her final role at Safeway, she served as Group Vice President, Perishable Strategy, where she introduced newness in assortments and merchandising, including meal solutions and grab-and-go options.

Dament’s background also includes positions at ConAgra Foods subsidiary Grist Mill Co. and Otis Spunkmeyer. She joins Target from PetSmart, where she most recently served as Vice President-Services.

Target leadership previously announced the company will reposition its approach to food over the next 12 to 18 months. Based on guest insights, focus areas will include making better-for-you options simple and attainable, providing meal solutions and offering unique selections for everyday occasions as well as entertaining.

“Our guests tell us they expect Target to inspire them with differentiated food offerings like we do in other areas. We have an opportunity to make food more reflective of our brand, elevate the shopping experience and make Target a food destination for our guests. Having previously worked alongside Anne, I know her industry expertise and proven ability to reinvigorate existing businesses make her the right leader to drive our reinvention,” said Target Chairman and Chief Executive Officer Brian Cornell.

“My very first job was in a local grocery store and I’ve had a passion for food ever since. Joining the team at Target gives me an opportunity to bring my professional experience and love of food to the organization as their transformation is just getting underway,” said Dament. “I’m excited to return home to Minnesota and work alongside great leaders for such an iconic brand.”

Target’s food reinvention will emphasize six key categories that resonate most with its guests: better-for-you snacks, coffee and tea, premium sauces and oils, specialty candy, wine and craft beer, and yogurt and granola. It will also expand the availability of natural, organic, locally grown and gluten-free choices to fit guests’ wellness-focused lifestyles. Work on the reinvention is underway, with the most significant changes slated to arrive in stores in 2016.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,795 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

media contact
Katie Boylan p: (612) 761-7788

Target Corporation to webcast its meeting with the financial community on March 3 from approximately 2:30 p.m. to 5 p.m. Eastern time

MINNEAPOLIS, 2015-3-2 — /EPR Retail News/ — Target Corporation (NYSE:TGT) will webcast its meeting with the financial community on March 3 from approximately 2:30 p.m. to 5 p.m. Eastern time. Investors and others are invited to access the presentations and Q&A session online on the Events & Presentations section of Target.com/Investors. The webcast will be archived for at least 90 days following the meeting.

At the meeting, Target will discuss its strategic and financial plans and provide guidance for the company’s expected fiscal 2015 financial performance. Speakers will include:

  • Brian Cornell, Chairman of the Board and Chief Executive Officer
  • John Mulligan, Executive Vice President and Chief Financial Officer
  • Casey Carl, Chief Strategy and Innovation Officer
  • Kathee Tesija, Executive Vice President and Chief Merchandising and Supply Chain Officer
  • Jeff Jones, Executive Vice President and Chief Marketing Officer

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,790 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

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Target paid $1.2 billion dividends in fiscal 2014, 19.8 percent above 2013

Fourth quarter comparable sales increased 3.8 percent Fourth Quarter Adjusted EPS of $1.50 was ahead of the company’s most recent guidance

  • Fourth quarter comparable sales increased 3.8 percent, reflecting a 3.2 percent increase in comparable transactions. Digital channel sales contributed 0.9 percentage points to comparable sales growth.
  • Target’s fourth quarter 2014 Adjusted EPS of $1.50 was above the company’s most recent guidance of $1.43 to $1.47 per share.
  • Target’s full-year comparable sales grew 1.3 percent. Digital channel sales growth of more than 30 percent contributed 0.7 percentage points to 2014 comparable sales growth.
  • Target paid dividends of $1.2 billion in fiscal 2014, an increase of 19.8 percent above 2013.

MINNEAPOLIS, 2015-2-26 — /EPR Retail News/ — Target Corporation (NYSE: TGT) today reported fourth quarter 2014 Adjusted earnings per share1 of $1.50, an increase of 14.9 percent from $1.31 in 2013, and full-year Adjusted earnings per share of $4.27, a decrease of 2.6 percent from $4.38 last year. GAAP earnings per share from continuing operations were $1.49 in fourth quarter and $3.83 in full-year 2014, compared with $1.22 and $4.20 in 2013, respectively. In fourth quarter, Target recognized a pre-tax loss of $5.1 billion related to its discontinued Canadian operations, resulting in a $(5.59) loss per share. The tables attached to this press release provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted earnings per share.

“We’re pleased with our fourth quarter financial results, which were driven by betterthan-expected sales and particularly strong performance in our signature categories—style, baby, kids and wellness,” said Brian Cornell, chairman and chief executive officer of Target Corporation. “We’re seeing early momentum in our efforts to transform Target, and our team is entering the new fiscal year with a singular focus on continuing to differentiate our merchandise assortment and shopping experience while controlling costs by reducing complexity and simplifying the way we work. We’re confident that these efforts will allow us to grow our earnings while returning cash to our shareholders in 2015 and beyond, driving improvements in Target’s return on invested capital and creating long-term value for our shareholders.”

Fiscal 2015 Earnings Guidance

In first quarter 2015, Target expects Adjusted EPS, reflecting results of operations in its single-segment business, of $0.95 to $1.05, compared with $0.92 in first quarter 2014. The Company will provide full-year 2015 guidance at its meeting with the financial community on March 3, 2015, from approximately 2:30 p.m. to 5:00 p.m. EST. Investors and others are invited to access the presentations and Q&A session online on the Events & Presentations section of Target.com/Investors.

Results of Continuing Operations

Fourth quarter 2014 sales increased 4.1 percent to $21.8 billion from $20.9 billion last year, reflecting a 3.8 percent increase in comparable sales combined with sales from new stores. Segment earnings before interest expense and income taxes (EBIT) were $1,603 million in fourth quarter 2014, an increase of 13.4 percent from $1,413 million in 2013.

Fourth quarter EBITDA and EBIT margin rates were 9.9 percent and 7.4 percent, respectively, compared with 9.2 percent and 6.8 percent in 2013. Fourth quarter gross margin rate was 28.5 percent, compared with 27.6 percent in 2013, reflecting the benefit of annualizing clearance markdowns associated with the fourth quarter 2013 data breach, combined with the benefit of a favorable merchandise mix in fourth quarter 2014. Fourth quarter SG&A expense rate was 18.6 percent in 2014 compared with 18.4 percent in 2013, reflecting higher marketing, technology and incentive expense rates this year.

Full-year 2014 sales increased 1.9 percent to $72.6 billion from $71.3 billion last year, reflecting a 1.3 percent increase in comparable sales combined with sales from new stores. Fullyear EBIT was $4,761 million in 2014, a decrease of 4.0 percent from $4,959 million last year.

Full-year 2014 EBITDA and EBIT margin rates were 9.5 percent and 6.6 percent, respectively, compared with 9.8 percent and 7.0 percent in 2013. Full-year gross margin rate was 29.4 percent, compared with 29.8 percent in 2013, driven by increased promotional activity in the first three quarters of 2014. Full-year SG&A expense rate was 19.9 percent in 2014 compared with 20.0 percent in 2013, reflecting disciplined expense control across the organization.

Interest Expense and Taxes from Continuing Operations

The Company’s fourth quarter 2014 net interest expense was $151 million, compared with $142 million last year. Full-year net interest expense was $882 million in 2014 and $1,049 million in 2013. Excluding losses of $285 million and $445 million related to the early retirement of debt in 2014 and 2013, respectively, full-year 2014 net interest expense was approximately flat to last year.

The Company’s fourth quarter effective income tax rate from continuing operations was 33.0 percent in 2014 and 33.5 percent last year. Target’s full-year 2014 effective income tax rate from continuing operations decreased 1.6 percentage points to 33.0 percent from 34.6 percent in 2013, which was driven primarily by the net tax effect of the Company’s global sourcing operations and the favorable resolution of various income tax matters.

Capital Returned to Shareholders

Target paid dividends of $330 million in fourth quarter, a 21.6 percent increase from $272 million in 2013. In full-year 2014, the Company paid dividends of $1,205 million, a 19.8 percent increase from $1,006 million last year.

Target did not repurchase any shares of its common stock through open market transactions during fourth quarter or full-year 2014.

Discontinued Operations

On January 14, 2015, following a comprehensive assessment of Canadian operations, Target’s Board of Directors approved a plan to discontinue operating stores in Canada. As a result of the decision, Target recorded a pretax impairment loss and other charges of $(5,105) million in fourth quarter 2014. After-tax losses from discontinued operations were $(3,600) million in fourth quarter, or $(5.59) per share, and $(4,085) million in full-year 2014, or $(6.38) per share.

Certain of the assets and liabilities of Target’s discontinued operations are based on estimates. The recorded assets include estimated receivables, and the remaining liabilities include accruals for estimated losses related to claims that may be asserted against Target Corporation, primarily under guarantees of certain leases. Given the early stage of its exit, these estimates involve significant judgment and are based on currently available information, an assessment of the validity of certain claims, and estimated payments by the Canada Subsidiaries. The Company believes that it is reasonably possible that future adjustments to these amounts could be material to its results of operations in future periods. Any such adjustments would be recorded in discontinued operations.

Accounting Considerations

During fourth quarter 2013, Target experienced a data breach in which an intruder gained unauthorized access to its network and stole certain payment card and other guest information. The Company incurred breach-related expenses of $4 million in fourth quarter 2014 and fullyear net expense of $145 million, which reflects $191 million of gross expense partially offset by the recognition of a $46 million insurance receivable. Fourth quarter and full-year 2013 net expense related to the data breach was $17 million, reflecting $61 million of gross expense partially offset by the recognition of a $44 million insurance receivable.

At the close of the sale of its entire U.S. consumer credit card receivables portfolio to TD Bank Group in first quarter 2013, Target recognized a $225 million beneficial interest asset. The fourth quarter and full-year 2014 beneficial interest asset reductions were $13 million and $53 million, respectively, compared with $16 million and $98 million in the same periods last year. Since the close of the transaction, the beneficial interest asset has been reduced by $151 million.

Miscellaneous

Target Corporation will webcast its fourth quarter earnings conference call at 9:30 a.m. CST today. Investors and the media are invited to listen to the call through the Company’s website at www.target.com/investors (click on “events & presentations”). A telephone replay of the call will be available beginning at approximately 11:30 a.m. CST today through the end of business on Feb. 27, 2015. The replay number is (855) 859-2056 (passcode: 39278650).

Statements in this release regarding first quarter 2015 earnings per share guidance and future expenses related to discontinued operations are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the Company’s actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended Feb. 1, 2014 and Item 1A of the Company’s Form 10-Q for the quarter ended Nov. 1, 2014.

In addition to the GAAP results provided in this release, the Company provides Adjusted diluted earnings per share for the three- and twelve-month periods ended Jan. 31, 2015 and Feb. 1, 2014, respectively. This measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The most comparable GAAP measure is diluted earnings per share from continuing operations. Management believes Adjusted EPS is useful in providing period-to-period comparisons of the results of the Company’s ongoing retail operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of the Company’s results as reported under GAAP. Other companies may calculate Adjusted EPS differently than the Company does, limiting the usefulness of the measure for comparisons with other companies.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,790 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

FULL REPORT

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Target Corporation to webcast its meeting with the financial community on March 3

MINNEAPOLIS, 2015-2-5 — /EPR Retail News/ — Target Corporation (NYSE:TGT) will webcast its meeting with the financial community on March 3 from approximately 2:30 p.m. to 5 p.m. Eastern time. Investors and others are invited to access the presentations and Q&A session online on the Events & Presentations section of Target.com/Investors. The webcast will be archived for at least 90 days following the meeting.

At the meeting, Target will discuss its strategic and financial plans and provide guidance for the company’s expected fiscal 2015 financial performance. Speakers will include:

  • Brian Cornell, Chairman of the Board and Chief Executive Officer
  • John Mulligan, Executive Vice President and Chief Financial Officer
  • Casey Carl, Chief Strategy and Innovation Officer
  • Kathee Tesija, Executive Vice President and Chief Merchandising and Supply Chain Officer
  • Jeff Jones, Executive Vice President and Chief Marketing Officer

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,790 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter

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Target Corporation appoints Mike McNamara as EVP and CIO

McNamara will play a key role in Target’s digital transformation

MINNEAPOLIS, 2015-2-3 — /EPR Retail News/ — Target Corporation today announced that Mike McNamara will assume the role of executive vice president and chief information officer. As the company’s top technology leader, McNamara will further advance Target’s digital transformation and help Target become a leading omnichannel retailer.

McNamara replaces Bob DeRodes, who is retiring after playing a pivotal role in guiding Target’s information security efforts. McNamara will report to Target Chairman and CEO, Brian Cornell.

“Technology is critical for Target’s future success. So finding the right leader for this role was one of my absolute top priorities,” Cornell said. “Mike has been a driving force for technology innovation throughout his career. He’s got a stellar track record, and I’m excited to see how he’ll help our team continue to push new innovations that enhance the shopping experience for Target guests, both online and in stores.”

McNamara will join Target from UK-based Tesco PLC, where he worked for more than 15 years. In 2011, McNamara was named the global supermarket chain’s chief information officer, with responsibility for all information technology systems.

McNamara was instrumental in modernizing and advancing Tesco’s IT and supply chain worldwide, which helped establish Tesco as an e-commerce pioneer that’s now one of the world’s largest online grocers. Under his leadership, Tesco also ushered in a host of breakthrough in-store technologies such as “scan-as-you-shop” capabilities and launched the company’s innovation lab. McNamara also is chairman of Tesco’s technology office in India. In his new role at Target, McNamara will have oversight of the company’s technology team and operations, including information security, and will help shape enterprise strategy as a member of Target’s leadership team.

“Tesco is a world class brand and I’m grateful for the time I spent there. Looking ahead, I’m  thrilled to join Target at a time when Brian and the leadership team are intensifying their investment in technology and prioritizing its role in Target’s future success,” McNamara said. “I have long admired Target as a retailer and its legacy of putting customers first. To be part of an organization like Target and help shape the future of its technology and omnichannel strategy was a dream opportunity for me.”

McNamara’s predecessor, DeRodes, is a 40-year information technology veteran who joined Target last spring with a focus on enhancing data security and technology infrastructure. DeRodes was instrumental in moving Target’s technology team forward, including hiring Brad Maiorino as the company’s first chief information security officer, and preparing Target for the 2014 holiday season. DeRodes will serve for a short time in a senior advisory role to Target.

“Bob joined Target during a very challenging but important moment for the company,” Cornell said. “I’m grateful for the progress that Bob and his team have made, and for the foundational IT work that’s been done to set Target up for future success.”

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,790 stores and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

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Katie Boylan
p: (612) 761-7788

The Retail Industry Leaders Association announced the election of four retail executives to its Board of Directors

Arlington, VA, 2015-1-22 — /EPR Retail News/ — The Retail Industry Leaders Association (RILA) announced today the election of four retail executives to its Board of Directors. The election took place during the semi-annual Board of Directors meeting, held Sunday in Amelia Island, Florida. Joining the association’s Board of Directors are:

  • Brian Cornell, Chairman and Chief Executive Officer, Target Corporation
  • Alexander Gourlay, President, Walgreen Co.
  • Thomas Millner, President and Chief Executive Officer, Cabela’s Inc.
  • Michael Polk, President and Chief Executive Officer, Newell Rubbermaid

Also, two current board members were re-elected to the board at Sunday’s meeting

  • Madison Riley, Managing Partner, Asia Pacific, Kurt Salmon
  • Todd Tillemans, President, Customer Development, Unilever

“I am pleased to welcome these industry leaders to RILA’s Board of Directors. RILA’s ability to represent the interests of the retail industry is dependent on the expertise, insight and support provided by our board members,” said RILA President Sandy Kennedy. RILA is an outspoken advocate for the most critical issues facing the retail industry. RILA remains at the forefront of a number of battles, including the fight to level the playing field for all retailers as it relates to the collection of state sales tax. RILA also plays a leading role on issues including cybersecurity, comprehensive tax reform, health care, privacy, trade and a variety of labor and finance issues.The 2015 RILA Board of Directors:

  • Richard Dreiling, Chairman & Chief Executive Officer, Dollar General Corporation (Chairman)*
  • Eric Wiseman, Chairman, President & Chief Executive Officer, VF Corporation (Treasurer)*
  • Robert Niblock, Chairman & Chief Executive Officer, Lowe’s Companies, Inc. (Secretary)*
  • William Rhodes, Chairman, President & Chief Executive Officer, AutoZone, Inc (Second Vice Chair).*
  • Hubert Joly, Chief Executive Officer, Best Buy Co., Inc.*
  • James Myers, Chief Executive Officer, Petco Animal Supplies, Inc.*
  • Brian Cornell, Chairman & Chief Executive Officer, Target Corporation
  • Joseph DePinto, President & Chief Executive Officer, 7-Eleven, Inc.
  • Alexander Gourlay, President, Walgreen Co.
  • Ken Hicks, Executive Chairman, Foot Locker, Inc.
  • Alan Hoskins, President & Chief Executive Officer, Energizer Household Products, Energizer Holdings, Inc.
  • David Lenhardt, President & Chief Executive Officer, PetSmart, Inc.
  • Karen Lowe, General Manager, Global Retail Industry, IBM Corporation
  • Thomas Millner, President & Chief Executive Officer, Cabela’s Inc.
  • Paul Mulligan, President, Coca-Cola Refreshments, The Coca-Cola Company
  • Michael Polk, President & Chief Executive Officer, Newell Rubbermaid
  • Madison Riley, Managing Partner, Asia Pacific, Kurt Salmon
  • Walter Robb, Co-Chief Executive Officer, Whole Foods Market, Inc.
  • Gregory Sandfort, President & Chief Executive Officer, Tractor Supply Company
  • Todd Tillemans, President of Customer Development, Unilever
  • Myron Ullman, Chief Executive Officer, J.C. Penney Company, Inc.
  • Sandy Kennedy, President, Retail Industry Leaders Association*

*Denotes Executive Committee Member

RILA is the trade association of the world’s largest and most innovative retail companies. RILA members include more than 200 retailers, product manufacturers, and service suppliers, which together account for more than $1.5 trillion in annual sales, millions of American jobs and more than 100,000 stores, manufacturing facilities and distribution centers domestically and abroad.

###

Brian Dodge
Executive Vice President, Communications and Strategic Initiatives
Phone: 703-600-2017
Email: brian.dodge@rila.org

Target Corporation to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co.

Target Canada takes steps to ensure a fair and orderly exit, seeks Court approval to begin liquidation process under the CCAA Company provides update on fourth quarter performance in the U.S.

MINNEAPOLIS, 2015-1-16 — /EPR Retail News/ — Today Target Corporation (NYSE:TGT) (the “Company”) announces that it plans to discontinue operating stores in Canada through its indirect wholly-owned subsidiary, Target Canada Co. (“Target Canada”). As a part of that process, this morning Target Canada filed an application for protection under the Companies’ Creditors Arrangement Act (the “CCAA”) with the Ontario Superior Court of Justice (Commercial List) in Toronto (the “Court”).

“When I joined Target, I promised our team and shareholders that I would take a hard look at our business and operations in an effort to improve our performance and transform our company. After a thorough review of our Canadian performance and careful consideration of the implications of all options, we were unable to find a realistic scenario that would get Target Canada to profitability until at least 2021. Personally, this was a very difficult decision, but it was the right decision for our company. With the full support of Target Corporation’s Board of Directors, we have determined that it is in the best interest of our business and our shareholders to exit the Canadian market and focus on driving growth and building further momentum in our U.S. business,” said Brian Cornell, Target Corporation Chairman and CEO.

Target Canada currently has 133 stores across the country and employs approximately 17,600 people. To ensure fair treatment of Target Canada employees, Target Corporation is seeking the Court’s approval to voluntarily make cash contributions of C$70 million (approximately US$59 million) into an Employee Trust. Upon approval by the Court, the proposed trust would provide that nearly all Target Canada-based employees receive a minimum of 16 weeks of compensation, including wages and benefits coverage for employees who are not required for the full wind-down period. Target Canada stores will remain open during the liquidation process.

As part of its application, Target Canada is seeking the appointment of Alvarez & Marsal Canada as Monitor in the CCAA proceedings to oversee the liquidation and wind-down process for Target Canada and its subsidiaries. Subject to Court approval, Target Corporation has committed to provide a US$175 million debtor-in-possession credit facility to finance Target Canada’s operations during the CCAA proceedings. Target Canada is also seeking Court approval to engage Lazard to advise Target Canada in connection with the sale of its real estate assets.

“The Target Canada team has worked tirelessly to improve the fundamentals, fix operations and build a deeper relationship with our guests. We hoped that these efforts in Canada would lead to a successful holiday season, but we did not see the required step-change in our holiday performance,” said Cornell. “There is no doubt that the next several weeks will be difficult, but we will make every effort to handle our exit in an appropriate and orderly way.”

As a result of the CCAA filing, Target Corporation has determined that Target Canada and its subsidiaries will be deconsolidated from Target Corporation’s financial statements as of the date of the filing.  Target Corporation expects to report approximately $5.4 billion of pre-tax losses on discontinued operations in the fourth quarter of 2014, driven primarily by the write-down of the Corporation’s investment in Target Canada, along with costs associated with exit or disposal activities and quarter-to-date Canadian Segment operating losses prior to today’s filing. Target Corporation expects to report approximately $275 million of pre-tax losses on discontinued operations in fiscal 2015.

Target Corporation’s cash costs to discontinue Canadian operations are expected to be $500 million to $600 million, most of which will occur in the Company’s 2015 fiscal year or later. The Company has sufficient resources to fund these expected costs, including cash on hand and ongoing cash generation by its U.S. business.

Target Corporation expects this decision will increase its earnings in fiscal 2015 and beyond, and increase its cash flow in fiscal 2016 and beyond.

As a result of the decision announced today, Target Corporation will operate as a single segment that includes all U.S. operations. Beginning with the Company’s fourth quarter 2014 financial results, Target will report adjusted earnings per share reflecting operating results from its U.S. operations, excluding discontinued Canadian operations, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s U.S. consumer credit card portfolio, net expenses related to the 2013 data breach, and the resolution of certain tax matters.

Target Corporation plans to provide additional information on the financial implications of this announcement in a Form 8-K to be filed with the Securities and Exchange Commission later today.

Update on expected fourth quarter U.S. performance

Based on performance through November and December, Target Corporation now expects to report fourth quarter 2014 U.S. comparable sales of approximately 3 percent, better than prior guidance of approximately 2 percent, driven primarily by increased traffic and stronger-than-expected digital sales. The Company expects to report fourth quarter adjusted EPS, reflecting results from continuing operations, of $1.43 to $1.47, about 6 cents ahead of expectations for U.S. Segment performance at the beginning of the quarter.

The Company is not able to provide an estimate of its expected fourth quarter 2014 GAAP EPS. However, GAAP results are expected to include:

  • Losses related to liquidation of Target Canada, as described above, net of taxes
  • Net expenses related to the 2013 data breach, which are not expected to be material
  • Impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2 cents

Cornell and John Mulligan, Target Corporation’s Chief Financial Officer, will host a call with investors today, approximately two hours after the conclusion of the Court hearing of the CCAA application. Target Corporation will issue a press release following the Court hearing and post details for the call on target.com/investors under “Upcoming Events and Presentations.”

Miscellaneous

Statements in this release regarding expected earnings and cash flow and other financial impacts of exiting the Company’s Canadian operations, and fourth quarter 2014 sales and adjusted earnings guidance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the Company’s actual results to differ materially. The most important risks and uncertainties include those relating to the consequences of discontinuing Canadian operations and the risks described in Item 1A of the Company’s Form 10-K for the fiscal year ended February 1, 2014, as updated in the Company’s Form 10-Q for the quarter ended November 1, 2014.

The adjusted earnings per share expectation for fourth quarter 2014 excludes the items identified above.  The Company’s measure of adjusted earnings per share is not in accordance with, or an alternative for, generally accepted accounting principles in the United States.  The most comparable GAAP measure is diluted earnings per share.  Management believes adjusted EPS is useful in providing period-to-period comparisons of the results of the Company’s U.S. operations.  Adjusted EPS should not be considered in isolation or as a substitute for an analysis of the Company’s results as reported under GAAP.  Other companies may calculate adjusted EPS differently than the Company does, limiting the usefulness of the measure for comparisons with other companies.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

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John Hulbert, Investors
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Target CEO Brian Cornell announced several leadership roles in key areas to fuel digital transformation and enhance guest experience

Casey Carl elevated to Chief Strategy and Innovation Officer

MINNEAPOLIS, 2014-12-19 — /EPR Retail News/ — Target Corporation (NYSE: TGT) Chairman and Chief Executive Officer Brian Cornell today announced the elevation and expansion of several leadership roles in key areas across the enterprise, as the retailer continues to accelerate the business, fuel its digital transformation and enhance the guest experience.

“Today’s organizational announcements reflect our continued focus on the guest and our goal of delivering an extraordinary experience to ensure that Target not only meets but exceeds our guests’ expectations. With these changes, we are even better positioned to continue to drive the momentum in our business in 2015 and beyond,” said Cornell.

Strategy and Innovation
Casey Carl, president, omnichannel and senior vice president, strategy, will assume the role of chief strategy and innovation officer. With this move, Carl joins Target’s leadership team reporting to Cornell. Additionally, the retailer is creating a center of excellence under Carl’s leadership to accelerate and strengthen its data, analytics and business intelligence capabilities. This effort will be led by Paritosh Desai in the new role of senior vice president, Enterprise Data, Analytics and Business Intelligence.

Guest Experience
Jeff Jones, chief marketing officer, will take on the added responsibility of leading Target’s work in architecting the guest experience across all channels and touch points. Additionally, Jones will create and lead a new guest center of excellence, designed to enable the organization to develop a greater sense of advocacy and empathy for the guest in all of its business decisions.

Corporate Social Responsibility
To more closely align Target’s corporate social responsibility efforts and support of the communities in which it does business, Laysha Ward, president, Community Relations, becomes executive vice president, chief corporate social responsibility officer. Ward’s expanded organization will include the Community Relations, Global Affairs and Sustainability teams as well as Target Foundation.

Target.com and Mobile
To further drive the growth of mobile and e-commerce, Jason Goldberger has been named President, Target.com and Mobile. Goldberger joined Target two years ago from Gilt, where he launched a new Gilt Home site and grew the business by more than 40 percent, and his background also includes eight years at Amazon. Additionally, Dawn Block has been promoted to senior vice president, Target.com and mobile merchandising.

Investor Relations
In an effort to elevate the work of investor relations, John Hulbert has been named vice president, Investor Relations, and will continue to build engagement among investors and the financial community.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow@TargetNews on Twitter.

Target Corporation kicked off the holiday season with strong early start to Black Friday weekend

Crowds Line Up at Stores Coast-to-Coast; Online Sales Break Records

MINNEAPOLIS, 2014-11-28 — /EPR Retail News/ — Target Corporation (NYSE: TGT) kicked off the holiday season with a strong early start to Black Friday weekend, as guests across the U.S. shopped early deals and turned out for the 6 p.m. store openings. In addition, the company’s free shipping offer on Target.com continues to drive record breaking online sales.

“Guests nationwide turned out online and in stores to take advantage of Target’s Black Friday deals,” said Brian Cornell, Target’s Chairman of the Board and CEO, who greeted holiday shoppers at a store in New York on Thanksgiving. “We have great deals on top gifts and a shopping experience that can’t be beat. I’m encouraged by the early results and am confident guests will love the deals they’ll find throughout the weekend and the holiday season.”

For the first time, Target offered a pre-sale of select Black Friday deals to all guests in stores and online on Wednesday, Nov. 26. By 9 a.m., online sales had already exceeded total sales from the same day last year. Top online items were the iPad Air 2, Beats by Dre Solo HD headphones and the Intex Pure Spa Inflatable Hot Tub. In stores, demand was high with the iPad Air 2, Beats by Dre Solo HD headphones and the iPad Mini as top sellers.

Target.com and Mobile

Online, Target doorbusters were available starting early in the morning on Thanksgiving. The number of orders and sales increased more than 40 percent over last year, making it the retailer’s biggest online sales day ever. The most growth in traffic and sales came from mobile. Top-selling items included the iPad Air 2 and iPad Mini, Nikon L330 camera, Beats by Dre Solo HD headphones, the Dyson DC50 Allergy vacuum and the Sony Playstation 4 Bundle.

Target Stores

Across the country, families began gathering hours before the 6 p.m. opening in lines of hundreds and sometimes thousands of people. To engage with guests, Target handed out more than half a million Christmas crackers, a symbol that is synonymous with the holidays in many parts of the world. Just as the Christmas cracker is featured in Target’s Black Friday advertising to reveal top deals, guests waiting in line received Christmas crackers filled with coupons and $575,000 in gift cards.

Throughout the evening, Target encouraged guests to share their selfies using the hashtag #salefie on Instagram and Twitter for a chance to win up to $10,000. The company saw an enthusiastic response with thousands of guests sharing their #salefies.

Top-selling items in store were in electronics and housewares, including:

  • Element 40” TV, Xbox One, iPads and Nikon L330 Camera. In the first hour of stores opening, Target sold 1,800 TVs per minute and 2,000 video games per minute.
  • Keurig K40 Brewer, Dyson DC50 Allergy vacuum and KitchenAid Classic Plus Stand Mixer.

Continued Black Friday Events

To commemorate the start of the holiday shopping season, Cornell will join other executives and store leaders to ring the opening bell at the New York Stock Exchange. The group will have two special guests: the young star of Target’s holiday TV commercials and Bullseye, Target’s bull terrier mascot.

Black Friday savings will continue through the weekend with several additional offers. For the first time, from 6 a.m. to noon on Friday, Nov. 28, guests can purchase up to $300 in Target GiftCards at 10 percent off in stores and at Target.com. Cartwheel, Target’s mobile savings app, will feature exclusive deals, with 30 offers at least 25 percent off through Saturday, Nov. 29.  Some of the top deals include 40 percent off CorningWare 6 Piece Bakeware Set, 30 percent off Fieldcrest bath towels and rugs, and up to 50 percent off popular grocery and seasonal items like Ghiradelli holiday gifts. Finally, Saturday-only deals will be available in Target stores and at Target.com, including 40 percent off Philips string lights and BOGO free all single-roll wrapping paper. As always, all REDCard holders will enjoy an additional 5 percent off purchases.

Cyber Week

More than 100,000 items will be on sale on Target.com from Sunday, Nov. 30 through Saturday, Dec. 6 for Cyber Week, including weeklong deals and hot daily offers. In addition, all Target.com orders will continue to ship for free through Saturday, Dec. 20. Top Cyber Week deals include:

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow@TargetNews on Twitter. For more information, visit Target.com/Pressroom.

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Target Corporation kicked off the holiday season with strong early start to Black Friday weekend

Target Corporation kicked off the holiday season with strong early start to Black Friday weekend

Target Corporation presents its third quarter 2014 Adjusted earnings

Adjusted EPS of $0.54; GAAP EPS of $0.55

  • Third quarter Adjusted EPS of $0.54 was above the expected range of $0.40 to $0.50.
  • Third quarter U.S. Segment comparable sales growth of 1.2 percent was better than the expected range of flat to 1 percent. Comparable sales reflect third quarter digital sales growth of more than 30 percent.
  • U.S. Segment transactions declined 0.4 percent, an improvement of more than 1 percentage point compared with the first half of the year.
  • Third quarter Canadian Segment sales increased 43.8 percent from third quarter last year, on comparable sales growth of 1.6 percent.
  • Target paid dividends of $330 million in third quarter 2014, an increase of 21.4 percent from $271 million last year

MINNEAPOLIS, 2014-11-19 — /EPR Retail News/ — Target Corporation (NYSE: TGT) today reported third quarter 2014 Adjusted earnings per share1 of $0.54, a decrease of 2.9 percent from $0.56 per share in 2013. GAAP earnings per share were $0.55 in third quarter 2014, up 2.7 percent from $0.54 last year. The tables attached to this press release provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted earnings per share.

“We’re pleased with our third quarter financial results, which were driven by better-thanexpected performance in our U.S. Segment,” said Brian Cornell, chairman and chief executive officer of Target Corporation. “We’re encouraged by the improving trend we’ve seen in our U.S. business throughout the year, and our fourth quarter plans are designed to sustain this momentum. In Canada, we’ve made improvements to our operations, pricing and assortment in time for the holiday season, and we’re eager to measure how our guests respond. The entire company is energized as we approach the peak of the holiday shopping season, and we are looking forward to delivering an outstanding store and digital experience to our guests.”

Fiscal 2014 Earnings Guidance In fourth quarter 2014, the Company expects Adjusted EPS of $1.13 to $1.23, reflecting operating results in its U.S. and Canadian Segments. This measure excludes approximately (2) cents related to the expected reduction of the beneficial interest asset2 as well as any future data breach-related expenses, which are not expected to be material. Target expects full-year 2014 Adjusted EPS of $3.15 to $3.25. Full-year 2014 GAAP EPS is expected to be (45) cents below Adjusted EPS, reflecting: 

  • Pre-tax early debt retirement losses, recognized in interest expense, of $285 million, or (27) cents per share;
  • Year-to-date net pre-tax data breach expenses of $140 million, or (14) cents per share2;
  • Pre-tax impairment losses of $31 million, or (3) cents per share;
  • Pre-tax expense of $13 million, or (1) cent per share, related to Target’s decision to convert existing co-branded cards to MasterCard chip-enabled cards in 2015, and;
  • A (5)-cent per share impact related to the expected reduction of the beneficial interest asset2, partially offset by;
  • A benefit of 5 cents per share from the favorable resolution of various income tax matters.

GAAP EPS guidance does not include an estimate of future data breach-related expenses, which are not expected to be material in any individual period.

U.S. Segment Results In third quarter 2014, sales increased 1.9 percent to $17.3 billion from $16.9 billion last year, reflecting a 1.2 percent increase in comparable sales combined with sales from new stores. Segment earnings before interest expense and income taxes (EBIT) were $927 million in third quarter 2014, a decrease of 5.2 percent from $977 million in 2013.

Third quarter EBITDA and EBIT margin rates were 8.5 percent and 5.4 percent, respectively, compared with 8.7 percent and 5.8 percent in 2013. Third quarter gross margin rate declined to 29.5 percent from 30.0 percent in 2013, reflecting an increase in promotional activity this year. Third quarter SG&A expense rate decreased to 21.0 percent in 2014 compared with 21.2 percent in 2013, reflecting disciplined expense control across the organization.

Canadian Segment Results
Third quarter Canadian Segment sales increased 43.8 percent to $479 million from $333 million last year, reflecting sales from non-mature stores and a comparable-sales increase of 1.6 percent. Third quarter Canadian Segment comparable sales reflect results in 82 Canadian stores that became mature at various points this year, including 34 that became mature during the third quarter. Comparable sales were negatively impacted by market densification later in 2013, which redistributed sales from earlier store openings. Segment EBIT was $(211) million in the third quarter compared with $(238) million last year.

Third quarter 2014 gross margin rate was 19.5 percent, reflecting the continued impact of inventory clearance, compared with 14.8 percent in third quarter 2013 which also reflected the impact of efforts to clear excess inventory. Third quarter 2014 SG&A expense rate of 49.0 percent compares with 66.6 percent last year, reflecting increased scale in the Canadian Segment and pre-opening costs in last year’s results.

Interest Expense and Taxes
​ The Company’s third quarter 2014 net interest expense of $165 million was flat to last year. Third quarter 2014 effective income tax rate, which benefited from the favorable resolution of various tax matters, was 31.3 percent compared with 36.6 percent last year

Capital Returned to Shareholders 
The Company paid dividends of $330 million in third quarter 2014, an increase of 21.4% from $271 million last year. Target did not repurchase any shares of its common stock during the third quarter.

Accounting Considerations
​During fourth quarter 2013, Target experienced a data breach in which an intruder gained unauthorized access to its network and stole certain payment card and other guest information. In third quarter 2014, the Company incurred breach-related expenses of $12 million. Since the data breach in fourth quarter 2013, the Company has incurred total net breach-related expenses of $158 million, reflecting $248 million of gross expenses, partially offset by the recognition of a $90 million insurance receivable. These expenses include an accrual for estimated probable losses for what the Company believes to be the vast majority of actual and potential breachrelated claims, including claims by payment card networks. Given the varying stages of claims and related proceedings and the inherent uncertainty surrounding them, the Company’s estimates involve significant judgment and are based on currently available information, historical precedents and an assessment of the validity of certain claims. These estimates may change as new information becomes available and, although the Company does not believe it is probable, it is reasonably possible that the Company may incur a material loss in excess of the amount accrued. The Company is unable to estimate the amount of such reasonably possible excess loss exposure at this time. The accrual does not reflect future breach-related legal, consulting or administrative fees, which are expensed as incurred and not expected to be material in any individual period.

At the close of the sale of its entire U.S. consumer credit card receivables portfolio to TD Bank Group in first quarter 2013, Target recognized a $225 million beneficial interest asset, which effectively represented a receivable for the present value of future profit-sharing Target expected to receive on the receivables sold. The beneficial interest asset was reduced in third quarter 2014 by $11 million, compared with a $36 million reduction in third quarter 2013. Since the close of the transaction, the beneficial interest asset has been reduced by $138 million.

Miscellaneous
​Target Corporation will webcast its third quarter earnings conference call at 9:30 a.m. CST today. Investors and the media are invited to listen to the call through the Company’s website at www.target.com/investors (click on “events & presentations”). A telephone replay of the call will be available beginning at approximately 11:30 a.m. CST today through the end of business on November 21, 2014. The replay number is (855) 859-2056 (passcode: 39156552).

Statements in this release regarding fourth quarter and full-year 2014 earnings guidance and excess exposure related to the data breach are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the Company’s actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended February 1, 2014 and Item 1A of the Company’s Form 10-Q for the quarter ended August 2, 2014.

In addition to the GAAP results provided in this release, the Company provides Adjusted diluted earnings per share for the three- and nine-month periods ended November 1, 2014 and November 2, 2013, respectively. This measure is not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The most comparable GAAP measure is diluted earnings per share. Management believes Adjusted EPS is useful in providing period-to-period comparisons of the results of the Company’s ongoing retail operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of the Company’s results as reported under GAAP. Other companies may calculate Adjusted EPS differently than the Company does, limiting the usefulness of the measure for comparisons with other companies.

About Target
​Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

media contact

Eric Hausman
Financial Media
p: (612) 761-2054

John Hulbert, Investors
p: (612) 761-6627

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Target Corp. announces the appointment of Jacqueline Hourigan Rice as senior vice president, chief risk and compliance officer

MINNEAPOLIS, 2014-11-12— /EPR Retail News/ —  Today, Target Corp. (NYSE: TGT) announced it has hired Jacqueline Hourigan Rice as senior vice president, chief risk and compliance officer.

Rice joins Target effective December 1 and will report directly to Brian Cornell, chairman of the board and chief executive officer of Target. In addition, the company is elevating the position to include centralized oversight of enterprise risk management, compliance, vendor management and corporate security under her leadership.

Rice comes to Target from General Motors Company where she was most recently the chief compliance officer. Her 17-year-career with the company included key global leadership roles in areas that included ethics, compliance and data privacy.

“Earlier this year, Target stated our commitment to overhaul our information security and compliance structure and practices, and with that came the need to elevate the role of key positions in the company,” said Cornell. “Jackie is a proven leader with solid global experience and I know she has what it takes to help us move forward in this complex and ever-changing environment.”

“Throughout the process I was struck by the unwavering commitment and incredible talent across Target, and I am thrilled to begin this next chapter of my career,” said Rice. “I look forward to shaping the company’s vision on compliance and risk for the future.”

Earlier this year, Target announced that the company was overhauling information security and compliance which included external searches for leaders in those areas.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow@TargetNews on Twitter.

media hotline

e: email
p: (612) 696-3400

We strive to return all media inquiries within one business day.

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Jacqueline Hourigan Rice, Senior Vice President, Chief Risk and Compliance Officer

Jacqueline Hourigan Rice, Senior Vice President, Chief Risk and Compliance Officer

Target Corporation announces new initiatives for the 2014 holiday season

MINNEAPOLIS, 2014-10-22— /EPR Retail News/ — Target Corporation (NYSE: TGT) today announced new initiatives for the holiday season centered on irresistible products, unbeatable value and guest-friendly services – including new and enhanced digital tools and free shipping on all Target.com orders now through Dec. 20.

“Target is poised to deliver an unparalleled holiday shopping season. We’ve been building capabilities that put us in a strong starting position, including the right digital tools and a broad assortment of unique, on-trend merchandise. Our value proposition will be unrivaled, with compelling promotions and an exceptional shopping experience online and in our stores,” said Brian Cornell, Chairman of the Board and CEO, Target. “It’s about delivering on our promise of ‘Expect More. Pay Less,’ and when we do that, Target is impossible to beat.”

Tools and Services

With conversion on Target’s digital channels up 40 percent this year, guests are turning to Target.com for more of their shopping. To make it even easier for guests, for the first time, Target will offer free shipping on all Target.com orders for the holidays, now through Dec. 20. Additionally, more than 65,000 items are now available for Store Pickup on Target.com and 80 percent of orders are fulfilled within one hour, making it a convenient option for busy shoppers through Christmas Eve.

Target will launch a Wish List app beginning Oct. 31— a modern and digital take on the classic tradition of creating holiday wish lists for parents and kids. Kids can add must-have items to their list, while parents can share the list with friends and family. Target’s Wish List app also offers an augmented reality feature that works with Target’s Kids’ Gifting catalog. Plus, guests can save 10 percent on their Wish List on one day of their choosing before Nov. 26. The app can be downloaded on Apple and Android mobile and tablet devices or printed on the registry kiosks in Target stores.

Additionally, mobile and tablet apps are re-launching in time for the holidays. With these enhancements, guests will find it even easier to locate and purchase what they’re looking for  using interactive store maps and shopping lists as well as streamlined checkout including, Apple pay in the iPhone app.

Unbeatable Value

Target has created more ways than ever for guests to get unbeatable value all season long, including weekly sales, weekend promotions and exclusive deals on Target.com and Cartwheel, Target’s industry-leading savings app. Cartwheel will offer daily deals for its more than 10 million users, and from Nov. 2 to Dec. 24, Cartwheel will offer 50 percent off a different toy every day. The app will have new features for the holidays, including special deals for top users, personalized recommendations and a select number of popular offers that do not expire.

For the third year, Target is extending the timeframe of its Price Match Policy for the holiday season beyond the typical seven day window. If a guest purchases a qualifying item at Target between Nov. 1 and Dec. 24 and then finds it for less at Target.com, a local competitor’s printed ad or at select online retailers, Target will match that price. For more details, including terms and conditions, visit Target.com/morereasons.

As always, REDcard holders get five percent off nearly all purchases, free shipping at Target.com, and an extra 30 days for returns. Since five percent REDcard Rewards rolled out in 2010, Target has saved guests more than $2 billion and will thank guests for their loyalty with perks throughout the holiday season.

Top Holiday Gifts

Target has it all for the holidays, from top national brands to exclusive giftable items that can only be found at Target, including:

  • Top electronics gifts for all ages, including Beats by Dre, Apple iPhone, Skylanders Trap Team and exclusive iPhone cases designed by Brooklyn-based graphic designer and letterer, Dana Tanamachi.
  • TOMS for Target, featuring more than 50 items including apparel and accessories, shoes and home goods all priced under $50. In addition to the five percent of its profit Target gives to communities every day, Target will donate blankets, meals or shoes to people in need for each TOMS item purchased. The collection will be available beginning Nov. 16 for a limited-time-only.
  • Annie for Target by Renée Ehrlich Kalfus, a limited-edition collection of girls’ apparel and accessories inspired by the remake of this family-favorite movie, all under $30 and available beginning Nov. 16.
  • A beautiful, limited-time-only collection of American-made scarves, throws and handbags from the 150-year-old Faribault Woolen Mills in Minnesota. Available beginning Nov. 2 exclusively through Target’s digital channels.
  • Fitness and travel accessories in unique and retro prints, designed by London-based artist, Orla Kiely, available exclusively at Target.
  •  Exclusive Threshold and Nate Berkus at Target home décor and entertaining items.
  • Cozy, stylish apparel and accessories for the whole family featuring key seasonal elements like cashmere blend, genuine leather and faux fur.
  • Top Toys, including exclusive Disney Frozen My Size Dolls, Wubble Bubble Ball and Zoomer Dino – Boomer and Target’s Boutique Brand toys from brands such as Wonderology, Hape and Mindware.
  • Exclusive beauty products at a great value, including luxe brushes and bags by Sonia Kashuk, new holiday gift sets from Pixi by Petra and an assortment of makeup palettes, fragrances and hair appliances.

Partnership with STORY

This holiday, Target will partner with innovative New York retailer STORY. STORY brings an editorial lens to retail and reinvents itself every four to eight weeks—from merchandise and store design, to floor plans and fixtures—bringing to light a new theme or trend. From Target’s design partnerships to its everyday collections, STORY will curate its favorite holiday treasures from Target, alongside its other must-have items for the season, beginning Nov. 5.

“Working with STORY will give holiday shoppers in Manhattan a new way to discover Target’s brand and products,” said Kathee Tesija, Chief Merchandising and Supply Chain Officer, Target. “This unique concept will also provide a testing ground for us to continue to understand how merchandising and product curation influences our guests.”

Holiday Marketing Campaign

Target’s marketing campaign will encourage people of all ages to let loose, give into the spirit and feel the unmistakable joy of the holiday season. The advertising, which will start to run on Nov. 2, will boldly embrace the iconic elements that make Target, Target—using the red, white and Bullseye that guests love. The campaign will include broadcast, radio, out-of-home and catalogs with an increase in digital media support by 50 percent. Target stores will be transformed with fun and whimsical in-store décor created in partnership with David Stark Design, one of the top event design agencies in the world.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,934 stores – 1,801 in the United States and 133 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, that giving equals more than $4 million a week. For more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit ABullseyeView.com or follow @TargetNews on Twitter.

For more information, visit Target.com/Pressroom.

Click for Spanish version of this release.

media contact

Jenna Reck
Target Public Relations
p: (612) 761-5829

Luz Varela
Relaciones Públicas de Target
p: (214) 502-4780

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Target Corporation announces new initiatives for the 2014 holiday season

Target Corporation announces new initiatives for the 2014 holiday season