Janna Potts becomes Executive VP Chief Stores Officer Target Corporation

MINNEAPOLIS, 2016-1-6 — /EPR Retail News/ — Today Target Corporation (NYSE: TGT) announced the promotion of Janna Potts to executive vice president, chief stores officer. Potts will be responsible for the leadership of Target’s 1,805 stores across the United States. Potts will replace Tina Tyler and will assume the position effective immediately. She will serve as a member of Target’s leadership team and will report to Target’s chief operating officer, John Mulligan.

“Janna has been a tremendous leader at Target and we believe she will be a tremendous asset to the team, the company and, ultimately, our guests in this role,” said Mulligan. “As we continue to focus on offering our guests a seamless, uniquely Target shopping experience, we believe Janna’s strategic leadership, expertise in managing complex organizations, and her dedication to the team make her well suited for the opportunities ahead.”

Potts has been with the company since 1989 when she joined Mervyn’s. Since that time, she has held a variety of leadership positions in stores, operations, and human resources. Most recently, she was Target’s senior vice president of human resources focused on stores and distribution.

Media Contact: Dustee Jenkins (612) 696-3400
Investor Contact: John Hulbert (612) 761-6627

About Target Corporation
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.

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Anu Gupta appointed VP Operational Excellence Target Corporation

MINNEAPOLIS, 2015-9-28 — /EPR Retail News/ — Target Corporation (NYSE: TGT) today announced the appointment of Anu Gupta to the role of senior vice president, operational excellence. In this role, which is new to Target, Gupta will lead a dedicated team in simplifying and optimizing processes across the business to help the retailer become more agile in anticipating and meeting guests’ needs. She will report to John Mulligan beginning October 12. Mulligan was recently elevated to the position of Target’s first chief operating officer.

Gupta brings more than 20 years of expertise in driving operational excellence, leveraging global operating models including outsourcing, procurement, lean six sigma process redesign and corporate development across diverse industries, including retail. She previously served as vice president for process and profit improvement at Michaels Stores, Inc., where she led the improvement of a variety of core business processes including inventory productivity, product delivery lead times and store operations. Prior to Michaels, Gupta held an operational leadership role at Safeway, Inc. and was responsible for creating strategic retail services initiatives. She joins Target from private equity investment firm Hellman & Friedman, where she was senior operating executive with oversight for improving business processes and productivity across its portfolio companies.

Gupta’s appointment comes as Target’s leadership renews its focus on improving operational fundamentals, particularly technology systems and platforms, supply chain and out-of-stocks and the guest experience. The retailer is investing a previously announced $1 billion in supply chain and technology infrastructure this year, and is putting the right teams and leaders in place to spearhead the effort.

“Anu has a proven track record of increasing effectiveness across every aspect of organizations in a variety of complex businesses, including retail. She brings the right expertise to help simplify our operating processes to be more nimble and sustainable,  an important early step as we focus on shoring up our core operations and giving guests an on-demand experience,” said Mulligan.

“My focus upon arriving at Target will be working closely with leaders to help make strides in the efforts to strengthen the fundamentals. I have long admired Target and am looking forward to joining such a talented team and dynamic brand,” said Gupta.

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.

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Erin Conroy
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SPOURCE: Target Brands, Inc.

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.

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Dustee Jenkins
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John Hulbert
Investor Relations
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Target Corporation declares quarterly dividend of 56 cents per common share, 7.7 percent increase from the prior quarterly dividend

Announcements Highlight Continued Focus on Returning Cash to Shareholders

MINNEAPOLIS, 2015-6-11 — /EPR Retail News/ — The board of directors of Target Corporation (NYSE:TGT) has declared a quarterly dividend of 56 cents per common share, a 7.7 percent increase from the prior quarterly dividend of 52 cents.  The dividend is payable Sept. 10, 2015, to shareholders of record at the close of business Aug. 19, 2015. The third quarter dividend will be the company’s 192nd consecutive dividend paid since October 1967, when the company became publicly held. With the increase announced today, 2015 is expected to be the 44th consecutive year in which Target has increased its annual dividend.

In addition, Target’s board of directors has approved an expansion of its current share repurchase authorization from $5 billion to $10 billion. Under this authorization, through the first quarter of 2015, the company had invested a total of $3.7 billion to retire 56.9 million shares at an average price of $65.06 per share.

“Today’s announcements reinforce Target’s long history of thoughtfully returning cash to shareholders through dividends and share repurchase,” said John Mulligan, Target’s executive vice president and CFO. “Our capital deployment priorities have been consistent for many years and remain the same today. First, we invest in our core business through projects that support our strategic and financial goals. Second, we support the dividend and expect to maintain our long-standing record of annual increases. Finally, we return cash to shareholders by retiring shares within the limits of our current investment-grade credit ratings. Given our outlook for capital expenditures and the strong cash generation of our core business, we expect to have the capacity to increase our annual dividend — and repurchase billions of dollars of Target shares annually — while maintaining our current credit ratings.”

Forward-Looking Statements

Statements in this release regarding expected dividends, share repurchase, cash flow and capital expenditures, capital deployment priorities, and credit ratings 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 January 31, 2015.

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.

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

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

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 Provides Update on Data Breach and Financial Performance

Company extends credit monitoring and identity theft protection to all guests

Minneapolis, MN, US,  2014-1-13 — /EPR Retail News/ — Target today announced updates on its continuing investigation into the recent data breach and its expected fourth quarter financial performance. As part of Target’s ongoing forensic investigation, it has been determined that certain guest information — separate from the payment card data previously disclosed — was taken during the data breach.

This theft is not a new breach, but was uncovered as part of the ongoing investigation. At this time, the investigation has determined that the stolen information includes names, mailing addresses, phone numbers or email addresses for up to 70 million individuals.

Much of this data is partial in nature, but in cases where Target has an email address, the Company will attempt to contact affected guests.  This communication will be informational, including tips to guard against consumer scams. Target will not ask those guests to provide any personal information as part of that communication. In addition, guests can find the tips on our website.

“I know that it is frustrating for our guests to learn that this information was taken and we are truly sorry they are having to endure this,” said Gregg Steinhafel, chairman, president and chief executive officer, Target. “I also want our guests to know that understanding and sharing the facts related to this incident is important to me and the entire Target team.”

Guests will have zero liability for the cost of any fraudulent charges arising from the breach. To provide further peace of mind, Target is offering one year of free credit monitoring and identity theft protection to all guests who shopped our U.S. stores. Guests will have three months to enroll in the program. Additional details will be shared next week. To learn more, please go to target.com/databreach.

Update on Fourth Quarter Outlook

The Company also provided an update to its expected fourth quarter 2013 financial results. In its U.S. Segment, Target now expects fourth quarter 2013 adjusted EPS of $1.20 to $1.30, compared with prior guidance of $1.50 to $1.60. This outlook anticipates a fourth quarter 2013 comparable sales decline of approximately (2.5)%, compared with prior guidance of approximately flat comparable sales. The updated sales expectation reflects:

  • Stronger-than-expected fourth quarter sales prior to the Company’s December 19, 2013, announcement of a payment card data breach;
  • Meaningfully weaker-than-expected sales since the announcement, which have shown improvement in the last several days, and;
  • A comparable sales decline of (2)% to (6)% for the remainder of the quarter.

Prior to the announcement of the payment card data breach, fourth quarter REDcard penetration was in line with year-to-date trends. Since the announcement, penetration growth has moderated but remains hundreds of basis points stronger than a year ago.

The Company is not able to provide an update to its expected fourth quarter 2013 GAAP EPS, however, GAAP results are expected to include:

  • (5) to (10) cents of dilution related to store closings (detail below), real estate impairments, and similar discrete events;
  • approximately (45) cents of dilution related to the Company’s Canadian Segment, compared with prior guidance of (22) to (32) cents, driven by the gross margin impact of continued efforts to clear excess inventory, and;
  • net dilution of (1) cent due to the expected reduction in the beneficial interest asset related to the sale of our credit card portfolio, partially offset by the resolution of income tax matters.

In addition, fourth quarter 2013 GAAP EPS may include charges related to the data breach. At this time, the Company is not able to estimate the costs, or a range of costs, related to the data breach. Costs may include liabilities to payment card networks for reimbursements of credit card fraud and card reissuance costs, liabilities related to REDcard fraud and card re-issuance, liabilities from civil litigation, governmental investigations and enforcement proceedings, expenses for legal, investigative and consulting fees, and incremental expenses and capital investments for remediation activities. These costs may have a material adverse effect on Target’s results of operations in fourth quarter 2013 and/or future periods.

“In light of the recent data breach, our top priority is taking care of our guests and helping them feel confident in shopping at Target,” said John Mulligan, EVP & CFO. “At the same time, we remain keenly focused on driving profitable top-line growth and investing our resources to deliver superior financial results over time. While we are disappointed in our 2013 performance, we continue to manage our business with great discipline and leverage our expense optimization efforts to reinvest in multichannel initiatives that generate long-term value for our shareholders.”

Store Closings

After careful consideration of each location’s financial performance, Target also announced today that it plans to close eight U.S. stores on May 3, 2014.

The stores affected by this announcement are located in: West Dundee, Ill.; Las Vegas, Nev.; North Las Vegas, Nev.; Duluth, GA; Memphis, Tenn.; Orange Park, Fla.; Middletown, Ohio; and Trotwood, Ohio. Eligible team members at these stores will be offered an opportunity to transfer to a similar position at a nearby Target location.

Miscellaneous

Statements in this release regarding fourth quarter 2013 sales and adjusted earnings guidance, the expected dilution related to store closings, real estate impairments and similar discrete events, the expected dilution related to the Company’s Canadian Segment, and the impact of the data breach on the Company’s results of 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 include: (i) loss of guest confidence in the Company’s ability to protect their information because of the data breach, and the adverse impact such loss of confidence may have on sales, (ii) the outcome of our pending and ongoing investigation, including our discovery of additional information relating to the data breach and our guests’ and other stakeholders’ reactions to that additional information, (iii) costs related to our investigation and resulting liabilities, and (iv) the risks described in Item 1A of the Company’s Form 10-K for the fiscal year ended February 2, 2013.

The adjusted diluted earnings per share expectation for fourth quarter 2013 excludes the dilution related to store closings, real estate impairments and similar discrete events, dilution related to the Company’s Canadian segment, the expected reduction in the beneficial interest asset, the resolution of income tax matters, and any charges related to the data breach. 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 U.S. 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 1,921 stores — 1,797 in the United States and 124 in Canada — 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 about Target’s commitment to corporate responsibility, visit Target.com/corporateresponsibility.

For more information, visit Target.com/Pressroom.

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