Consumer Discretionary

Target Sees 1Q EPS $1.70-EPS $2.10。

Target: Had About $9.7 Billion of Remaining Capacity Under Repurchase Program as of 4Q End。

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