THE WHAT? Target has announced its fourth-quarter and full-year 2021 results. The company saw sales grow 8.9 percent in the last three months of the financial year, and digital sales growth of 9.2 percent.
THE DETAILS Full year sales increased 13.2 percent to US$104.6 billion from US$92.4 billion last year with all five core merchandise categories delivering double digit comparable sales growth in 2021, on top of unprecedented growth in 2020.
Full year operating income was US$8.9 billion in 2021, up 36.8 percent from the prior year and the US retail giant reported an operating income margin rate of 8.4 percent, expanded nearly 150 basis points from 2020 figures.
The company said that it expected low- to mid-single digit revenue growth for fiscal 2022.
THE WHY? Brian Cornell, chairman and CEO of Target, commented, “Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth. As we look ahead, we’ll keep investing and delivering on all that has earned the loyalty and trust of our guests; that starts with our outstanding team and includes continued differentiation through affordability, assortment, ease and convenience.”