Target Corp (TGT)

[Monksdream]

Target Corporation Reports Fourth Quarter and Full-Year 2023 Earnings
March 05 2024 - 06:30AM
PR Newswire (US)
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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 Company's efficiency efforts delivered savings of more than $500 million in 2023.
Cash from operations more than doubled from $4.0 billion in 2022 to $8.6 billion in 2023.
The team maintained appropriate inventory levels by category throughout the year, resulting in lower markdown rates, more effective operations, and stronger in-stock measures compared with 2022.