Target Corporation
- Target Corp. plunged 19% to $127.35 after the discount retailer reported weaker-than-expected quarterly results and guided a cautious outlook.
Total revenue in the fiscal third quarter ending on November 2 increased 1.1% to $25.66 billion from $25.39 billion, net income plunged 12.1% to $854 million from $971 million, and diluted earnings per share fell to $1.85 from $2.10 a year earlier.
The retailer forecast fourth quarter earnings per share between $1.85 and $2.45, sharply lower than the market expectation of at least $2.65, and full-year earnings per share between $8.30 and $8.90.
Nov 20, 2024 - Target Corp. declined 8.8% to $142.10 after the retailer reported weaker-than-expected earnings and a decline in sales driven by weakening growth trends in discretionary item sales.
Consumers limit their purchases of groceries and discretionary items like apparel and home decor.
Moreover, shoppers are chasing discounts, and relatively high-priced grocery items sold at Target still face competition from discount stores like Walmart, Aldi, Lidl, and other regional discount chains.
Target has been struggling to convince customers to spend more, as about 20% of its total sales are groceries, unlike 60% of Walmart's sales.
Total revenues declined 3.1% to $24.5 billion from $25.3 billion, net income dropped 0.8% to $942 million from $980 million, and diluted earnings per share fell to $2.03 from $2.05 a year ago.
Comparable sales declined 3.7% in the first quarter, reflecting a comparable store sales decline of 4.8%, partially offset by a comparable digital sales increase of 1.4%.
For the second quarter and for the full year, the company anticipated comparable sales to increase between zero and 2%.
For the full year, the company reiterated its adjusted earnings per share outlook to be between $8.60 and $9.60.
May 22, 2024 - Target Corp. soared 14.2% to $126.65 after the retailer reported positive quarterly results.
Comparable sales in the third quarter declined 4.9%, and declines in discretionary categories were partially offset by an increase in daily necessities categories, including beauty.
Total revenue declined 4.2% to $25.4 billion, net income in the quarter advanced 36.3% to $971 million from $712 million, and diluted earnings per share rose to $2.10 from $1.54 a year ago.
Inventory at the end of the quarter was 14% lower than a year ago, after a 19% decline in discretionary category inventories.
The company guided fourth-quarter comparable store sales to decline in a wider range around the mid-single digit, reflecting uncertainties about holiday spending.
Nov 15, 2023 - Target Corp edged slightly higher to $109.55 after the company said it plans to close nine stores in several states after repeated theft incidences, store violence and crime.
The retail chain said it will shutter stores in New York City, Seattle, Portland and San Francisco-Oakland area.
Sep 27, 2023 - Target Corporation said revenue in the fourth quarter increased 1.2% to $30.9 billion but net income plunged 43% to $876 million and diluted earnings per share dropped to $1.89 from $3.21 a year ago.
In full-year 2022, revenue increased 2.8% to $107.6 billion and net income plunged 60% to $2.8 billion from $6.9 billion and diluted earnings per share dropped to $5.98 from $14.10 a year ago.
Comparable sales in the quarter increased 0.7% on top of 8.9% and advanced 2.2% on top of 12.7% in 2021. Comparable traffic in 2022 increased 2.1% on top of 12.3% in the previous year.
Feb 28, 2023
| Year | May | Aug | Nov | Feb | Annual | |
|---|---|---|---|---|---|---|
| 2023 | 1.89 | 2.05 | 1.80 | 2.10 | - | |
| 2022 | 3.24 | 2.16 | 0.39 | 1.54 | 5.98 | |
| 2021 | 2.72 | 4.17 | 3.65 | 3.04 | 14.1 | |
| 2020 | 1.62 | 0.56 | 3.35 | 2.01 | 8.64 | |
| 2019 | 1.53 | 1.53 | 1.82 | 1.69 | 6.36 | |
| 2018 | 1.37 | 1.32 | 1.47 | 1.09 | 5.51 | |
| 2017 | 1.45 | 1.21 | 1.23 | 0.91 | 4.8 | |
| 2016 | 1.52 | 1.29 | 1.23 | 1.04 | 5.08 | |
| 2015 | 1.50 | 1.10 | 1.22 | 0.86 | 4.68 | |
| 2014 | 0.66 | 0.37 | 0.55 | 0.81 | 3.07 | |
| 2013 | 0.77 | 0.95 | 0.54 | 1.46 | 4.52 | |
| 2012 | 1.04 | 1.06 | 0.96 | 1.44 | 4.28 | |
| 2011 | 0.99 | 1.03 | 0.82 | 1.44 | 4 | |
| 2010 | 0.90 | 0.92 | 0.74 | 1.24 | 3.3 | |
| 2009 | 0.69 | 0.79 | 0.58 | 0.81 | 2.86 | |
| 2008 | 0.74 | 0.82 | 0.49 | 1.22 | 3.33 | |
| 2007 | 0.75 | 0.80 | 0.56 | 1.29 | 3.21 | |
| 2006 | 0.63 | 0.70 | 0.59 | 1.06 | 2.71 | |
| 2005 | 0.55 | 0.61 | 0.49 | 0.92 | 3.51 |