Target Earnings Blow Past Street Views on Inventory, Expense Management
15 November 2023 - 1:00PM
Dow Jones News
By Colin Kellaher
Target on Wednesday posted fiscal third-quarter earnings that
easily surpassed Wall Street's forecasts, helped by inventory and
expense management initiatives, and the retailer gave holiday
earnings guidance that brackets expectations.
The Minneapolis company reported earnings of $971 million, or
$2.10 a share, for the quarter ended Oct. 28, up from $712 million,
or $1.54 a share, a year earlier, and ahead of the $1.47 a share
that analysts polled by FactSet, on average, were expecting.
Revenue fell 4.2% to $25.4 billion, just ahead of the $25.29
billion Wall Street was looking for, while comparable sales fell
4.9%, better than the 5.3% drop analysts had penciled in.
Target said its inventory at the end of the quarter was down
14%, including a 19% reduction in discretionary category
inventory.
Ahead of the crucial holiday selling season, Target said it
expects fourth-quarter earnings of $1.90 to $2.60 a share and
comparable sales in a wide range around a mid-single digit decline.
Analysts are expecting a profit of $2.23 a share amid a 4.7% drop
in comparable sales, according to FactSet.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 15, 2023 06:45 ET (11:45 GMT)
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