“The center of this range represents healthy growth of 5% to 6% when compared with last year's adjusted EPS.”

In context

“st year, including a small increase in our comparable sales. On top of comp sales, we'll benefit from the opening of new stores, robust growth and revenue from Roundel and from third-party sellers on Target Plus. In total, those sources are expected to add more than 1 percentage point of growth this year. I'll add that we're planning for top line growth in every quarter of the year. On the operating income line, we're planning for a 2026 rate that's approximately 20 basis points higher than the 4.6% adjusted rate we earned in 2025 as the savings opportunities I outlined earlier are expected to fully fund our P&L investments. Altogether, based on our expectations for the top line and operating margin, we're expecting to generate GAAP and adjusted EPS in a range from $7.50 to $8.50 in 2026. The center of this range represents healthy growth of 5% to 6% when compared with last year's adjusted EPS. I want to pause and take note of the significant effort of the team, which has allowed us to enter this year laser-focused on delivering on our strategy and fully funding our growth-driving initiatives while also delivering modest margin expansion for the year. One other note, while we're not planning to provide ongoing quarterly guidance, I want to share some color on expected timing throughout the year as we're planning for stronger profit growth in the back half of the year based on 3 primary timing considerations. First, regarding shrink, we'll be lapping favorable inventory counts and the resulting accrual adjustments that occurred in the first half of 2025, which will then moderate in the back half of the year. For the full year, we expect this year's shrink rate will be in line wit”