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John Hulbert
Good morning, everyone, and thanks for attending our 2021 financial community meeting. This morning we re being joined by investors and others who are listening in to the webcast. Following today s meeting, Michael and I will be available to answer any follow-up questions. Before I turn it over to Brian to kick off the meeting, I have a couple of important disclosures.
First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. Second, in today s remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases and SEC filings, which are posted on our Investor Relations website. With that, let s begin the meeting.
CEO Brian Cornell says business model ‘puts Target in a category of its own’
Target Corp. cited omnichannel synergies amid the COVID-19 pandemic as catalyst for nearly 20% fiscal 2020 comparable-sales growth, with digital sales accounting for nearly $10 billion of the $15 billion added to the company’s top line for the year.
Also, at the bottom line, Minneapolis-based Target said Tuesday that it posted record highs in adjusted earnings per year for both the fourth quarter and full year.
For the quarter ended Jan. 30, sales came in at $28 billion, up 21% from $23.13 billion a year earlier. Including other revenue of $342 million, Target saw total revenue rise 21.1% to $28.33 billion.