Target Corporation Announces Early Departure of Strategic Advisor Don H. Liu

MINNEAPOLIS – Target Corporation has announced the early termination of the transition agreement with Don H. Liu, who had been serving in a non-executive strategic advisor role since August 24, 2024. Mr. Liu voluntarily elected to conclude his advisory position effective April 18, 2025, ahead of the original end date of May 24, 2025, as outlined in the previously disclosed agreement.

Mr. Liu’s transition agreement was originally part of Target’s leadership succession planning, following his prior role as Executive Vice President and Chief Legal & Risk Officer. The agreement, filed as Exhibit 10.23 to Target’s Form 10-Q for the quarter ended November 2, 2024, provided for his continued service in an advisory capacity during the transition.

The company thanked Mr. Liu for his continued contributions and leadership throughout his tenure at Target.

Target announced strategic plans to drive more than $15 billion in sales growth by 2030 through investments in digital experience, product innovation, supply chain efficiency, and customer loyalty programs. The company aims to enhance its product offerings with newness and value, expand its digital marketplace, and improve shopping convenience.

Key initiatives include reimagining product categories such as gaming and sports, launching new brand collaborations, and enhancing its beauty and apparel lines. Target plans to expand its Target Plus marketplace to exceed $5 billion in sales by 2030 and double the size of its in-house media company, Roundel.

To improve convenience, Target will open around 20 new stores and remodel many more in 2025, modernize its supply chain with AI-powered technology, and enhance same-day services. The company is also growing its Target Circle loyalty program, aiming to triple its membership in the next three years, including a new partnership with Marriott Bonvoy.

These initiatives align with Target’s long-term strategy to strengthen its position as a top retail destination while maintaining profitability and customer engagement.

Target Corporation (NYSE: TGT) announced its fourth-quarter and full-year 2024 financial results, reporting a 0.8% decline in full-year net sales and a 0.9% decrease in GAAP and adjusted earnings per share (EPS). However, after adjusting for the extra week in fiscal 2023, net sales grew approximately 1%, and EPS increased nearly 3% on a 52-week basis.

For the fourth quarter of 2024:
- Comparable sales increased by 1.5%, driven by strong traffic and digital performance.
- Digital comparable sales grew 8.7%.
- Same-day delivery, powered by Target Circle 360™, increased by over 25%.
- GAAP and adjusted EPS stood at $2.41, near the high end of guidance, benefiting from strong sales in Toys, Electronics, and Apparel.

For the full year:
- Comparable sales rose by 0.1%, with growth in Beauty, Food & Beverage, Apparel, and Essentials.
- Traffic increased by 1.4%, reflecting gains in both stores and digital channels.
- GAAP and adjusted EPS were $8.86, within the company's initial guidance.
- Cost savings exceeded $2 billion over the last two years.

For fiscal 2025, Target expects:
- Net sales growth around 1%, with comparable sales remaining flat.
- A modest increase in operating margin.
- GAAP and adjusted EPS between $8.80 and $9.80.

Despite record Valentine's Day sales, February's topline performance was softer due to cold weather impacting apparel sales and declining consumer confidence affecting discretionary purchases. However, Target expects improvement as seasonal shopping increases.

In the fourth quarter, net sales reached $30.9 billion, down 3.1% from 2023, largely due to the extra week in the prior year. Operating income was $1.5 billion, a 21.3% decline. Full-year operating income totaled $5.6 billion, down 2.5% year-over-year.

Target will hold a webcast for its financial community meeting at 8:00 a.m. CST today, available at **corporate.target.com/investors**.

Target Corporation announced amendments to its Bylaws as part of a periodic review conducted by its Board of Directors. The amendments, effective January 15, 2025, include the following key changes:

1. **Lead Independent Director (LID) Requirement**: The Board must appoint a Lead Independent Director if the Chair of the Board is not an independent director.
2. **Conforming Changes**: Updates were made to reflect revised executive titles.

These amendments were incorporated into the Amended and Restated Bylaws, which are attached as Exhibit 3.2 to the Form 8-K filing.