Target

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 […]