Steinhafel: Target on Track for $100 Billion Annual Sales

Gregg SteinhafelGregg Steinhafel

MINNEAPOLIS-Target is in gear to achieve its goal of $100 billion in annual sales by 2017, according to Gregg Steinhafel, chairman, president and CEO.

Speaking on Wednesday at the retailer's annual shareholders meeting, Steinhafel told the attendees that Target's financial results for its most recent fiscal year, plus its results for this year's first quarter, show that "we are on the right track" to reaching that annual sales goal. For fiscal 2011, Target recorded net sales of $68.5 billion, up 4.1 percent from the prior year and including a 3 percent increase in same-store sales. In the first quarter of the current fiscal year, Target posted a sales gain of 6.1 percent to $16.5 billion, including a same-store sales rise of 5.3 percent.

Steinhafel said that to reach the $100 billion sales goal in the next five years, the company needed to average a 3 percent comparable-store increase per year.

He went on to summarize some of Target's key strategic initiatives down the road. Next month, Steinhafel said, the company will open its first CityTargets, the new smaller format, in Chicago, Los Angeles and Seattle. This fall, a second CityTarget in Los Angeles is scheduled to open, along with one in San Francisco. Next year, a third Los Angeles location will open, along with one in Portland, Ore.

Other initiatives include continuing investments in target.com to create features and tools that focus on value and to increase site stability and usability. Also, Target's first store in Canada is scheduled open in spring 2013, and the company is currently building three distribution centers and establishing relationships with the vendor community north of the border.

 

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.

Videos

Current Issue

  • HFN May digital issue

    HFN's DIGITAL EDITION

    May 2017


    COVER STORY: HFN Turns 90

    We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.


    ALSO IN THIS ISSUE:

    • Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
    • Omnichannel Retailing - In the Mobile App World, Time is Money