Target Corp

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Other Pre-Announcement

Target Corp Says Qtrly Comparable Sales Increased 2.7%

Published: 11/16/2022 11:37 GMT
Target Corp (TGT) - Target Corp - Qtrly Comparable Sales Increased 2.7% Driven by 1.4% Traffic Growth & a 1.3% Increase in Average Ticket.
Target Corp - Qtrly Comparable Store Sales Growth of 3.2% and Comparable Digital Sales Growth of 0.3%.
Target Corp - Qtrly GAAP EPS of $1.54; Qtrly Adjusted EPS $1.54; Qtrly Total Revenue of $26.5 Billion Grew 3.4%.
Target Corp - Q3 Gross Margin Rate Was 24.7%, Compared With 28.0% in 2021.
Target - in Latter Weeks of Quarter, Sales & Profit Trends Softened Meaningfully, With Guests' Shopping Behavior Impacted by Inflation, Rising Interest Rates & Economic Uncertainty.
Target Corp - Qtrly Sales $26.12 Billion Versus $25.29 Billion.
Target Corp - Softening Sales, Profit Trends That Emerged Late in Q3 Persisted Into Nov.
Target Corp - Announced Enterprise Initiative to Simplify & Gain Efficiencies Across Business.
Target Corp - in Light of Increasingly Challenging Environment, Lowered Topline & Bottom Line Expectations for Q4.
Target - Sees Low-single Digit Decline in Comparable Sales in Q4; Now Planning Wide Range for Q4 Operating Margin Rate Centered Around 3%.
Target Corp - Believes It Can Save a Total of $2 to $3 Billion Over Next 3 Yrs Through New Enterprise Efficiency Work.
Target Corp - Believes It is Prudent to Plan for a Wide Range of Sales Outcomes in Q4.
Further Company Coverage: Tgtn ((reuters.