Goal snapped up $9 billion in market share final 12 months

Minneapolis – Goal is planning for extra this 12 months – extra shops, extra manufacturers and extra market share seize.

Throughout a digital assembly with the monetary group at this time, CEO Brian Cornell reported that the corporate added $9 billion in market share final 12 months, together with $3 billion within the fourth quarter alone “when all of our rivals had been working.” The features got here throughout all classes, he stated.

Ten of the retailer’s non-public label manufacturers now generate $1 billion or extra in annual income, and the corporate plans so as to add extra. Nationwide model partnerships together with the current residence capsule assortment with Levi’s and the upcoming Ulta Magnificence shop-in-shops additionally underscore Goal’s model positioning, Cornell stated.

“Our total management group is targeted on retaining and rising market share,” he added.

Different takeaways from the presentation:

  • The corporate’s $15 billion in gross sales progress in 2020 was the equal of including 300 shops.
  • Final 12 months, Goal gained greater than 12 million multi-channel customers. The overwhelming majority had beforehand shopped Goal, however in a single channel solely. Multi-channel clients spend 4 instances greater than store-only consumers and 10 instances greater than online-only consumers.
  • Goal now operates 140 small format shops and plans so as to add 30 to 40 annually.
  • Goal’s non-public label manufacturers account for one-third of gross sales and a better share of margin.

Whereas the corporate had a lot to crow about, Cornell described the present setting as “very unsure” attributable to ongoing COVID-19 disruptions.

For the quarter ended Jan. 20, complete gross sales rose 21% to $27.99 billion. Comp climbed 20.5%, driving by a 6.9% store-based improve and a 118% leap in digital. Working earnings elevated 53.2% to $1.8 billion.

For the complete fiscal 12 months, gross sales elevated 19.8% to $92.4 billion, with comp up 19.3%. Working earnings was up 40.4% to $6.5 billion.

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