Posted 3/5/2024, 10:15:35 PM
Target Reports Better-Than-Expected Holiday Sales; Announces New Paid Membership Program to Spur Growth
- Target reported better-than-expected holiday quarter results, with revenue and earnings surpassing estimates
- Comparable sales declined 5.4% year-over-year, but online sales only dropped 0.7%
- Target announced a new paid membership program called Target Circle 360 launching in April to compete with Amazon and Walmart
- The program will offer benefits like same-day delivery and automatic discounts for an annual fee of $49
- Target expects the membership program and new product launches to help drive a sales recovery after 2 years of sluggish growth