2024 Annual Report Target Corporation - Financial Highlights - Letter to Shareholders

Sep 19, 2026

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2024 Annual Report of Target Corporation presents financial highlights for continuing operations, including net sales trends, operating income, net earnings, and diluted EPS across a five-year span. It explains 2024 performance changes and provides context for revenue presentation in consolidated statements. The report also includes a shareholder letter outlining Target’s long-term growth strategy, competitive differentiation, pricing actions, product mix, digital expansion, loyalty platform impact, and investments aimed at accelerating speed, efficiency, and reliability while mitigating variability.

LanguageEnglish

CategoryGeneral

FormatPDF

Pages86

Reading Time30 min

AccessFree to download

Financial Highlights

Note on revenue presentation

Letter to Shareholders

Creating Today’s Tarzhay

Our path to growth

2024 Annual Report Target Corporation Welcome to our 2024 Annual Report To explore key stories of the past year and find out what’s ahead, [visit](visit corporate.target.com.You can)[ corporate.target.com](visit corporate.target.com.You can)[.You can](visit corporate.target.com.You can)[ ](visit corporate.target.com.You can)view our Annual Report online at [target.com/annualreport](target.com/annualreport). Financial Highlights (Note: Reflects amounts attributable to continuing operations. 2023 was a 53-week year.) Net Sales (a) In Millions ’19 ’20 ’21 ’22 ’23 ’24 2024 Performance: -0.8% Five-year CAGR: 6.4% Operating Income Net Earnings Diluted EPS In Millions In Millions ’19 ’20 ’21 ’22 ’23 ’24 2024 Performance: -2.5% Five-year CAGR: 3.6% ’19 ’20 ’21 ’22 ’23 ’24 2024 Performance: -1.1% Five-year CAGR: 4.6% ’19 ’20 ’21 ’22 ’23 ’24 2024 Performance: -0.9% Five-year CAGR: 6.9% Total 2024 Merchandise Sales(a) : $104,820 Million (a) In 2024, we changed the presentation of revenue in our Consolidated Statements of Operations, consolidating the previous three-line format (Sales, Other Revenue, and Total Revenue) to a single line labeled “Net Sales”, which reflects all revenues (formerly Total Revenue) . Note 2 to the Financial Statements in Form 10-K, Item 8, provides additional information. Letter to Shareholders To my fellow shareholders, Target is a company designed to deliver long-term profitable growth. For decades, we have invested in the scale, strategy and capabilities that allow our team to navigate a fast-evolving retail landscape and meet the needs of today’s consumers. We entered 2024 with a commitment to stay nimble and generate profitable growth, and even in a challenging retail environment, our team delivered. However, those results came with an unexpectedly high level of variability throughout the year, which we aim to continue mitigating moving forward. By controlling what we can control, listening closely to consumers and staying focused on what differentiates Target, we are confident we can continue to create value for our stakeholders, as we have for more than 50 years. Creating Today’s Tarzhay Target occupies a unique space in U.S. retail—something our guests have coined “Tarzhay.” It’s a term that captures the blend of affordability, style and newness we deliver at the intersection of product and experience. Paired with ongoing investments in our team, technology and operations, our distinct approach inspires consumers to choose Target and drives growth. Today’s Tarzhay starts with product. Our mix of only-at-Target owned brands, well-known national brands and partnerships with world-famous designers and small independent brands stands out in a competitive retail landscape. In 2024, we lowered prices on more than 10,000 items to deliver even more affordability to value-conscious consumers, particularly through our $31 billion owned brand portfolio. At the same time, we leveraged Target’s deep ties to fashion, entertainment, sports and culture to not only adopt trends but create them. We’re building on our history of working with great brands like Ulta Beauty, Apple, Disney and Starbucks while adding new partners like Champion and Warby Parker. And our billion-dollar third-party marketplace Target Plus adds breadth to our assortment and is growing at a double-digit pace. In addition to the products we offer, our team is focused on creating an experience—in store and online—that elevates everyday shopping. We opened 23 new stores in 2024, expect to open about 20 this year and will remodel many more. We’ve also built a $20 billion first-party digital business that delivers incremental profit to our bottom-line as it grows, and this business continues to expand, with double digit growth last year in same-day services like Drive Up and same-day delivery with Target Circle 360. Target Circle 360 is part of our broader loyalty platform, Target Circle

FAQs

What financial metrics are highlighted in Target’s 2024 annual report?

The report highlights net sales (in millions), operating income, net earnings, and diluted EPS, with figures shown across a five-year period and labeled 2024 performance changes.

How does the report explain the way revenue is presented in 2024?

It states that Target changed the presentation of revenue in its consolidated statements by consolidating prior multiple-line revenue formats into a single line labeled “Net Sales,” covering all revenues.

What growth strategy does Target describe in the letter to shareholders?

Target emphasizes long-term profitable growth through nimbleness, controlling what it can control, listening closely to consumers, differentiating through assortment and experience, and investing in stores, supply chain, and technology.

Sep 19, 2026

Upload by Oliver