Consumer Discretionary

Target (NYSE:TGT) CFO Says June Comp Sales Fell 7%, July Down 5%。

Target (NYSE:TGT) Lowers FY2023 Adj. EPS Guidance From $7.75-8.75 to $7.00-8.00 Vs, $7.79 Estimate.

Target (NYSE:TGT) reported fiscal Q2 adjusted earnings  of $1.80 per diluted share, up from $0.39 a year earlier. Analysts polled by Capital IQ expected $1.42. Revenue for the quarter ended July 29 was $24.77 billion, compared with $26.04 billion a year earlier. Analysts surveyed by Capital IQ expected $25.23 billion. For fiscal Q3, the retailer said it expects adjusted EPS of $1.20 to $1.60 and comparable sales to decline by mid-single digits Analysts surveyed by Capital IQ project EPS of $1.84 for the quarter on revenue of $26.12 billion. For fiscal 2023, the company said it now expects adjusted EPS of $7 to $8, from the prior outlook of $7.75 to $8.75, and comparable sales to decline in a wide range around mid-single digits for the remainder of the year, from its previously announced guidance range from low-single digit declines to low-single digit increases. Analysts polled by Capital IQ expect

Target Corp (NYSE:TGT) reported a second-quarter FY23 sales decline of 4.9% year-on-year to $24.77 billion, missing the analyst consensus of $25.18 billion. Comparable sales declined 5.4% in the second quarter, reflecting comparable store sales declines of 4.3% and comparable digital sales declines of 10.5%. Gross margin for the quarter expanded by 550 basis points to 27%. The gross margin rate reflected lower markdowns and other inventory-related costs, lower freight costs, retail price increases, and lower supply chain and digital fulfillment costs. Operating income margin rate of 4.8% was more than 3 percentage points higher than last year, driven by a higher gross margin rate, and operating income for the quarter shot by 273% to $1.2 billion. The company held $1.6 billion in cash and equivalents as of July 29, 2023. Operating cash flow for six months totaled $3.39 billion. Adjusted EPS of $1.80 beat the analyst consensus of $1.39. Inventory at