Target chairman and CEO Brian Cornell spoke out on the heels of earnings news that the retailer delivered its strongest comparable sales growth in over a decade.
“When we announced our strategic investment in our business in 2017, we said that 2018 would be a transition year,” Cornell said in Target’s blog post. “Instead, it turned out to be one of the most productive in our history, making our results even more meaningful.”
Shares of Target jumped following the earnings news, in which Target beat analyst estimates across the board, according to The Motley Fool.
Comparable sales in Target’s fourth quarter of 2018 grew 5.3%, with stores contributing 2.9% and digital sales contributing 2.4% of that growth. Comparable digital sales surged 31% and traffic grew 4.5%.
Cornell gave his team all the credit for what he called “some of our strongest results in a generation,” during the company’s earnings call.
“This performance isn’t simply a reflection of a strong consumer environment,” he said. “These results were years in the making. Proof of the progress we’ve achieved against our multi-year strategy, to transform our company, deliver strong, consistent and durable growth, and emerge as one of the industry leading retailers for years to come.”