CLAIM #56032 · TGT (TGT) · 2025Q4 earnings call · Mar 3, 2026 · due Jan 31, 2027
“So obviously, getting to low to mid-single-digit rates over time on overall sales drives leverage. And I think we're going to start seeing that -- the beginnings of that this year.”
James Lee · CFO
How to check this claim
Look at: Overall net sales growth rate (year-over-year), and evidence of SG&A/operating margin leverage
It came true if: Full fiscal year comparable/total sales growth reaches low-to-mid single digits (approximately 2%-5%) with operating margin flat-to-improved versus prior year
Where: Quarterly and annual income statement (10-K/10-Q and earnings releases)
In context
“mbers, you heard us say the humanity of the store experience is part of our secret sauce. Well, every minute we can save a store team member unloading a truck or even in the steps they take across the store is a minute that they can reinvest serving our guests. And so you'll see us use technology in support of the humans. And the 2 humans we're focused on are our guests and our team members. James Lee: In terms of the comps and what kind of sales we need to deliver, clearly, the last few years, we've faced deleverage, and we've done the right thing to make sure we're stepping up our investments where we need to and trying to drive productivity. A lot of that goes down to the level of productivity we can continue to generate will also be sort of an offset to our ability to leverage growth. So obviously, getting to low to mid-single-digit rates over time on overall sales drives leverage. And I think we're going to start seeing that -- the beginnings of that this year. John Hulbert: And I think we have time for about one more question before we wrap up. And that can go to Zhihan right here at Bernstein. Zhihan Ma: Zhihan from Bernstein. I think, Jim, last year, this time, you were talking about e-commerce being profitable. Can you just give us an update on across the different fulfillment modes? What's the profitability looking like today? Is it going to be margin dilutive still compared to the brick-and-mortar growth from here? And what levers can you pull to improve profitability? James Lee: Yes. Happy to take that question. Like I said in my remarks today, first, nothing has changed from what I said last year. What's important for us to think about is the digital ecosystem. We feel very strongly because of the productivity we're driving within our e-”
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SEC filings for TGT ↗ · Claim quote is verbatim from the 2025Q4 earnings call.