Business
Target seeing momentum from food reset
MINNEAPOLIS – Target Corp. is benefiting from a shift in its food and beverage strategy, the company said. Category sales ticked up to $6 billion during the second quarter ended Aug. 1, up from $5.6 billion during the same period as the previous year.
“Earlier this year, I talked about our ambition to make food a destination, not simply a category a guest shops while they’re in our stores, but a reason they choose to come to Target,” said Cara Sylvester, chief merchandising officer, during an Aug. 19 conference call with securities analysts. “We recently completed our largest food transition in more than a decade, changing the presentation of nearly half of our center store grocery assortment, adding new and unique offerings, and reimagining end caps and in-aisle presentation to make discovery easier.”
As part of the reset, the retailer added space for products perceived as trendy, like snacks, global foods and functional coffee.
“The response has been really encouraging,” Sylvester said. “Snacks, beverages, and candy were already among our largest categories by sales, and these transitions are building on that strength.”
She said snack sales are 15% ahead of last year, with “outstanding momentum” from protein bars, meat sticks and better-for-you snacks.
“Just as importantly, we’re pairing that innovation with incredible value,” she said. “That’s merchandising authority in action, understanding where the guest is going and moving with speed to get there, bringing together trend, quality, differentiation, and affordability in a way that’s uniquely Target.”
The retailer’s net income for the quarter was $1.9 billion, equal to $4.13 per share on the common stock, and an improvement over the second quarter of 2025 when the company earned $935 million, equal to $2.05 per share. A $994 million tariff refund drove the surge in earnings. Adjusted earnings per share with the refund stripped out were $2.46 per share.
Quarterly sales rose 5% to $26.5 billion from $25.2 billion the year before.
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The Principal Financial Group (The Principal®) is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $519.3 billion in assets under management1 and serves some 19.7 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
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