Target Corporation Reports Fourth Quarter and Full-Year 2023 Earnings PR Newswire MINNEAPOLIS, March 5, 2024 MINNEAPOLIS, March 5, 2024 /PRNewswire/ — Q4 2023 Highlights — Comparable sales and traffic trends improved sequentially for the second quarter in a row. — Same-day services (in-store pickup, Drive Up, and Shipt), which represent more than 10 percent of total sales, increased 13.6 percent in the quarter, led by growth in Drive Up. — GAAP and Adjusted EPS1 of $2.98 was 57.6 percent higher than last year, and well-above the high end of the expected range of $1.90 to $2.60. Full-Year 2023 Highlights — Full-year GAAP and Adjusted EPS of $8.94 were both nearly 50 percent higher than in 2022. — The Company’s operating income margin rate of 5.3 percent was nearly two percentage points higher than last year. Operating income dollars grew by nearly $2 billion compared with 2022, well-above expectations. — The […]

Target Sees 2024 Same-Store Sales Flat to Up 2%。

By Sarah Nassauer Target’s annual revenue declined for the first time in seven years, as the retailer struggled to entice shoppers to splurge on discretionary items like home goods and electronics. The company has been battling the effects of weaker traffic to its stores and shoppers spending a bigger chunk of their budgets on food and other essentials. On Tuesday it said revenue in the year ended Feb. 3 was $107.41 billion, down 1.6% from the previous year. Target earns most of its sales from nonfood items, in contrast to competitors such as Walmart, the country’s largest grocer. While inflation is cooling, especially in some nonfood categories, it has been 30 years since food costs have accounted for such a high percentage of Americans’ spending, according to government figures. Target’s weakness comes as some competitors are growing at a faster clip, including Amazon, Walmart and Costco. Each of those companies

TARGET CORPORATION Sees Fiscal Year 2024 EPS Range $8.60 – $9.60。

Target Q4 Total Comp Sales -4.4%, Comp Store Sales -5.4%, Comp Digital Sales -0.7%。

Target (TGT) reported fiscal Q4 adjusted earnings Tuesday of $2.98 per diluted share, up from $1.89 a year earlier. Analysts polled by Capital IQ expected $2.41 Sales for the quarter ended Feb. 3, were $31.47 billion, up from $30.98 billion a year earlier. Analysts surveyed by Capital IQ expected $31.85 billion. The retailer’s comparable sales fell 4.4% for fiscal Q4, compared with growth of 0.7% a year earlier. Analysts polled by Capital IQ expected a decline of 4.5%. For fiscal Q1, the company said it expects adjusted EPS of $1.70 to $2.10. Analysts surveyed by Capital IQ expect $2.10. Comparable sales for the fiscal quarter are expected to decline by 3% to 5%. Analysts polled by Capital IQ expect a fall of 3.5%. For fiscal 2024, Target said it expects adjusted EPS of $8.60 to $9.60. Analysts polled by Capital IQ expect $9.15. Comparable sales for the fiscal year are

By Dean Seal Shares of Target jumped after the retailer’s fourth-quarter earnings handily topped analyst forecasts and its guidance came in above estimates as well. The stock was up 8.5% at $163.30 in premarket trading. Shares had already gained 5.7% year-to-date when the market closed on Monday. Target said Tuesday morning that fourth-quarter revenue was up 1.7% at $31.92 billion thanks to an extra selling week. Excluding that week, comparable sales fell 4.4%. Analysts polled by FactSet had been expecting just $31.83 billion and comparable sales to decline 4.5%. Earnings of $2.98 a share, up from $1.89 a share in the year-ago quarter, topped analyst projections for $2.42 a share, according to FactSet. The Minneapolis-based company is guiding earnings of $1.70 to $2.10 a share on a 3% to 5% decline in comparable sales in the first quarter. Analysts surveyed by FactSet are expecting $2.08 a share on a 3.6%

Target’s 4Q comparable sales were down 4.4% due largely to a 5.4% decline in sales at its brick-and-mortar stores. Comparable digital sales were down less than 1%. CEO Brian Cornell says customers are adapting to changes in the in-store and digital shopping experience. Same-day services, which include in-store pickup, drive-up pickup and Shipt same-day delivery, now make up more than 10% of its total revenue and were up 13.6% during 4Q, led by the drive-up sales. Shares rise 7.5% to $161.75 premarket.