Target Corp. (NYSE:TGT) Q4 2017 Earnings Conference Call - Final Transcript

Mar 06, 2018 • 11:30 am ET


Target Corp. (NYSE:TGT) Q4 2017 Earnings Conference Call - Final Transcript


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John Hulbert

Well, good morning, everyone. Thank you for joining us. For those of you here with us in the room, we're really excited that you joined us this year in our hometown. And hopefully you found the experience last night -- the store tour, the exhibit this morning helped you get a deeper understanding of what we're working on. A couple housekeeping items. First, there's a couple. I'm going to just literally read the slide.

First of all, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. Second, in today's remarks, we refer to non-GAAP financial measures including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases and SEC filings, which are posted on our Investor Relations website.

So, finally, something new this year for those of you on the webcast. You can submit questions. I'm happy to say we're already getting questions, so please submit those. The team will get those questions to us and we will take some of those during the Q&A session after the speeches.

So, with that, we can get started with Brian.

Brian Cornell

Well, thanks, John, and good morning. And thank you for joining us today in Minneapolis. John, Cathy and I really enjoyed spending time with you during last night's tours and reception, and I hope all of you had a chance to explore even more this morning. While we can make slides or show videos, there is simply no substitute for being here, live and in person, walking the sales floor, talking to our teams, touching, feeling and experiencing new products and services, seeing for the firsthand the future of Target.

What's so exciting for me is that last year at this time, all we could do was talk about the future. Most of what we could show were still renderings. Today, those things are real, the work is well underway. We've made a ton of progress against our priorities, and as you saw today, our teams are more focused than ever and our guests are responding in kind. What a difference a year makes.

Think back to this meeting 2017. The world could not have looked more different, coming out of soft holiday sales. The headlines were all about store closures, a catastrophic border tax, and the looming retail apocalypse. That morning, we had a tough message of our own. But one by one, many of you pulled me aside that day, said, Brian, I'm glad you're investing. We believe in your strategy, I'd make the same moves if I was standing in your shoes. It was a long flight home.

But let me tell you what happened as soon as we landed in Minneapolis. The very next morning, we gathered our senior leadership team from every part of the country, and we grounded them in our company purpose, making sure every decision we