Target Corporation

Target Circle members unlock up to 45% off back-to-school and college essentials, summer-ready apparel, outdoor fun, and more from June 23–26 — helping families make the most of their budgets without compromising on style

Current Target Circle 360 members get early access starting June 22

Elevated in-store experience includes free Starbucks coffeehouse treat for Target Circle members on June 23

MINNEAPOLIS, June 2, 2026 /PRNewswire/ -- As U.S. consumers look for affordable ways to plan for back-to-school shopping and celebrate summer, Target Corporation (NYSE: TGT) today announced deep, new savings in its upcoming Target Circle Deal Days. The four-day sale event rewards members of the free Target Circle loyalty program with exclusive access to savings on the season's most sought-after styles and essentials.

Running June 23–26, the event features up to 45% off thousands of items across apparel, beauty, home, toys and essentials. Early access begins June 22 for members of Target Circle 360, the paid membership tier.

Target Circle Deal Days pairs Target's merchandising authority in trend-forward styles and top brands with meaningful savings for members — bringing together the style, quality and value guests expect from Target. Members will find offers across a curated assortment of national brands including Igloo, JanSport and Keurig, alongside Target owned brands like A New Day, Pillowfort and Threshold. The event features summer-ready favorites from apparel and swimwear for the family to outdoor toys, sporting goods and entertaining essentials — plus backpacks, supplies, bedding and bath items to help families and students prep for the school year ahead.

"Busy families are looking for ways to save money as they balance summer plans with back-to-school and college prep, and we're meeting that need without compromising on the style and fun we know they love about Target," said Sarah Travis, executive vice president and chief digital and revenue officer, Target. "We're obsessed with the details — from quality products and the latest trends to exceptional value and joyful experiences — because that's what makes Target a true destination for families as they celebrate summer, get ready for the school year ahead and prepare for what's next, whether that's in the classroom, the dorm room or anywhere in between."

Member-exclusive savings, perks and limited-time offers on style-led essentials for summer and the school year ahead

• Top four-day offers:
  • Up to 45% off select kitchen items including Cuisinart, Keurig and Ninja
  • Up to 45% off select floorcare including Bissell, Hoover and Sharper Image
  • 40% off back-to-school and college essentials including:
    • JanSport backpacks
    • Casaluna and Threshold bedding and bath items
    • Select writing tools from BIC, Expo, Paper Mate and Sharpie
  • 40% off select women's clothing including A New Day and Universal Thread
  • 40% off select beauty items, including Hot Tools, KISS and Revlon
  • 40% off Sun Squad outdoor gear and coolers

• Deal of the Day: New one-day-only offers will be revealed daily throughout the event, including 40% off or more on select items from national brands like Crocs, Igloo and Sun Bum, as well as guest-favorite owned brands like Goodfellow and Pillowfort.
  
  
  
  
• Exclusive Target Circle member offer: On June 23, Target Circle members can enjoy a free hot or iced brewed coffee or Bullseye cookie in the more than 1,800 Target stores with a Starbucks coffeehouse. To redeem, Circle members can simply scan the barcode in the Wallet tab of the Target app at the Starbucks coffeehouse upon checkout.¹
  
  
  
  
• Limited-time new member offers:
  • Guests who join Target Circle June 14–22 will receive 15% off their first purchase.
  • Guests who apply for a Target Circle Card between June 14–26 and are approved will receive $100 in Target Circle Rewards.²
  • Guests who enroll in a Target Circle 360 annual membership June 14–26 will receive 50% off their first year.³
    
    
    
    
• Additional savings opportunities for students, teachers and military members:
  • Student & Teacher Appreciation Discount: College students and teachers can receive over 50% off an annual Target Circle 360 membership⁴, which includes free, fast shipping, same-day delivery, monthly freebies and early access to select sales and collaborations.
  • Military Appreciation Discount: Verified military members, veterans and their families who are Target Circle members will also receive 20% off one qualifying storewide purchase June 21–July 4.

How Target Circle helps guests get more from every Target run

Target Circle combines exclusive discounts, rewards and personalized value with flexible fulfillment options like same-day delivery and fast shipping. Guests can join Target Circle for free on Target.com, in the Target app or at checkout in stores. The program offers flexible membership options, allowing guests to choose the experience that works best for how they shop.

Target Circle also supports local communities through guest-directed giving. Members earn votes when they shop and can use them to help direct Target grants to nonprofits in their communities.

Guests can shop Target Circle Deal Days in stores, on Target.com or in the Target app. They can also take advantage of convenient fulfillment options including Same Day Delivery, Drive Up and Order Pickup, making it even easier to get back-to-school and college essentials and summer staples on their terms. In stores, shoppers can expect to find the latest products, moments of joy and discovery and a Target team ready to deliver an easy, inspiring and friendly experience.

About Target

Target Corporation (NYSE: TGT) brings together style, design and value to offer a distinct assortment and elevated shopping experience across more than 2,000 U.S. stores and online. Powered by more than 400,000 team members, Target serves millions of families each week and invests in the communities where they live and work to support growth and opportunity for all. 

¹ To redeem through the app, Target Circle members can simply scan the barcode in the Wallet tab of the Target app at the Starbucks Coffeehouse upon checkout. Alternately, members can provide the phone number associated to their Target Circle account to get the offer. Members can also view the offer in the Deals carousel of their Wallet. Valid on 6/23 only for Target Circle members for one Tall (12 oz) iced, hot brewed coffee, cold brew or Bullseye Cookie at participating Starbucks Coffeehouse locations in Target. Excludes nitro, blended, and bottled beverages. Customizations cost extra. Limit one per customer.

² Terms and restrictions apply. See Target.com/CircleCard for details. Get $100 in Target Circle Rewards deposited into your Target Circle account within 30 minutes if approved for a Target Circle Credit card. Offer not valid on Target Circle Debit cards or mail-in applications.

³ 50% off one year of a Target Circle 360 membership: Reg. $99/yr discounted to $49/yr, or $49/yr discounted to $24/yr when you have a Target Circle Card (credit or debit) saved to your Target account.

⁴ Verified teachers and college students pay $49/year for an annual membership (regular price $99/year).

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SOURCE Target Corporation

MINNEAPOLIS, May 20, 2026 /PRNewswire/ --

• First quarter net sales grew 6.7 percent over last year, well above expectations.
  • Topline strength was broad-based across merchandise categories, sales channels and across the quarter.
    • Comparable traffic grew 4.4 percent compared with Q1 2025. 
    • Net sales in all six core merchandising categories were higher than a year ago.
    • Digital comparable sales grew 8.9 percent, led by more than 27% growth in same-day delivery powered by Target Circle 360.
  • Non-merchandise sales grew nearly 25 percent, reflecting strong growth in Roundel ad revenue, Target Circle 360 membership revenue, and the Target+ marketplace.
• First quarter GAAP and Adjusted EPS¹ was $1.71, 24 percent lower than prior-year GAAP EPS (which included non-recurring legal settlement gains), and 32 percent higher than prior-year Adjusted EPS.

For additional media materials, please visit:

https://corporate.target.com/news-features/article/2026/05/q1-2026-earnings

Target Corporation (NYSE: TGT) today announced its first quarter 2026 financial results.

The Company reported first quarter GAAP and Adjusted earnings per share (EPS) of $1.71, compared with prior-year GAAP EPS² of $2.27 and Adjusted EPS of $1.30.  The attached tables provide reconciliations of non-GAAP to GAAP measures. All earnings per share figures are calculated on a diluted basis.

"First quarter financial results were stronger than expected, providing encouraging early signs that our clarified strategy is resonating with our guests and driving broad-based growth across our business," said Michael Fiddelke, Chief Executive Officer of Target. "While we're pleased with our Q1 performance, our focus remains on building consistent, long-term growth, and we recognize there is much more work in front of us. As we look ahead, we're focused on staying disciplined and flexible in an uncertain operating environment and continuing to invest boldly in our team, capabilities, and an elevated guest experience to unlock our full potential over time."

Guidance

The Company has the following updated expectations for 2026:

• Net sales growth in a range around 4 percent compared with 2025 - two percentage points higher than the prior range. The Company continues to expect to grow net sales in every quarter of the year.
• Full-year 2026 operating income margin rate more than 20 basis points higher than the 4.6 percent Adjusted operating income margin rate in 2025.
• GAAP and Adjusted EPS near the high end of the prior guidance range of $7.50 to $8.50.

Operating Results

Net Sales of $25.4 billion in the first quarter were 6.7 percent higher than last year, reflecting a 6.4 percent increase in merchandise sales and a 24.6 percent increase in non-merchandise sales. Comparable sales grew 5.6 percent in the first quarter, reflecting a comparable store sales increase of 4.7 percent and comparable digital sales growth of 8.9 percent. First quarter operating income and Adjusted operating income³ were $1.1 billion, a 22.9 percent decrease from prior-year GAAP operating income and a 29.1 percent increase from prior-year Adjusted operating income.

First quarter operating income margin rate and Adjusted operating income margin rate³ were 4.5 percent in 2026, compared with the prior-year GAAP operating income margin rate of 6.2 percent and an Adjusted operating income rate of 3.7 percent. First quarter gross margin rate was 29.0 percent, compared with 28.2 percent in 2025, reflecting improved productivity in supply chain facilities, growth in advertising and other non-merchandise revenues, and lower markdown rates, partially offset by higher product costs. First quarter SG&A expense rate and Adjusted SG&A expense rate³ was 21.9 percent, compared to 2025 GAAP SG&A expense rate of 19.3 percent and Adjusted SG&A expense rate of 21.7 percent. This increase reflects the impact of higher compensation costs, including additional hours and training for field teams along with higher incentive compensation, planned spending related to capital projects, and higher marketing expense, partially offset by the leverage benefit of strong topline growth.

Interest Expense and Taxes

The Company's first quarter 2026 net interest expense was $117 million, in line with $116 million last year.

First quarter 2026 effective income tax rate was 24.4 percent, compared with the prior-year rate of 25.0 percent, reflecting lower discrete tax expenses in the current year.

Capital Deployment and Return on Invested Capital

First quarter capital expenditures of $1.0 billion were 31 percent higher than last year, driven primarily by increased investments in new stores and store remodels.

The Company paid dividends of $516 million in the first quarter, compared with $510 million last year, reflecting a 1.8 percent increase in the dividend per share, partially offset by the impact of a lower share count.

The Company did not repurchase any stock in the first quarter. As of the end of the quarter, the Company had approximately $8.3 billion of remaining capacity under the repurchase program approved by Target's Board of Directors in August 2021.

For the trailing twelve months through first quarter 2026, after-tax return on invested capital (ROIC) was 12.4 percent, compared with 15.1 percent for the trailing twelve months through first quarter 2025. The tables in this release provide additional information about the Company's ROIC calculation.

Webcast Details

Target will webcast its first quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Corporate.Target.com/Investors (click on "Q1 2026 Target Corporation Earnings Conference Call" under "Events & Presentations"). A replay of the webcast will be provided when available. The replay number is 1-866-491-2847.

Miscellaneous

Statements in this release regarding the Company's future financial performance, including its fiscal 2026 full-year guidance, which excludes, among others, impacts from any tariff refunds, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended January 31, 2026. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.

About Target

Target Corporation (NYSE: TGT) brings together style, design and value to offer a distinct assortment and elevated shopping experience across more than 2,000 U.S. stores and online. Powered by more than 400,000 team members, Target serves millions of families each week and invests in the communities where they live and work to support growth and opportunity for all.

Sales Metrics

Comparable sales include all Merchandise Sales, except sales from stores open less than 13 months or that have been closed.  Digitally originated sales include all Merchandise Sales initiated through mobile applications and the Company's websites. 

TARGET CORPORATION

Reconciliation of Non-GAAP Financial Measures

To provide additional transparency, the Company has disclosed non-GAAP adjusted diluted earnings per share (Adjusted EPS), adjusted SG&A expenses, adjusted SG&A expense rate, adjusted operating income, and adjusted operating income margin rate. When applicable, these measures exclude certain discretely managed items. Management believes this information is useful in providing period-to-period comparisons of the results of Target's operations. These measures are not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measures are diluted earnings per share, SG&A expenses, SG&A expense rate, operating income, and operating income margin rate. Adjusted EPS, Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate should not be considered in isolation or as a substitution for analysis of Target's results as reported in accordance with GAAP. Other companies may calculate these measures differently, or not provide similar measures, limiting the usefulness of the measures for comparisons with other companies.

We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

2026 GAAP EPS, SG&A expenses, SG&A expense rate, operating income, and operating (income) margin rate may include the impact of certain discrete items, which may be excluded in calculating Adjusted EPS, Adjusted SG&A expenses, Adjusted SG&A expense rate, Adjusted operating income, and Adjusted operating income margin rate. The guidance does not currently reflect any such discrete items, which are subject to variability and therefore cannot be reconciled without unreasonable efforts. In the past, these items have included both gains and losses, including certain asset impairments, severance, and other items that are discretely managed.

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SOURCE Target Corporation