Company news: Target (TGT) posts mixed quarterly results

Target (TGT) reported Q4 FY2023 earnings of $2.98 per share (versus $1.89 per share in Q4 FY2022), beating analysts’ consensus estimate of $2.42 per share.

The company’s quarterly revenues amounted to $31.467 bln (+1.6% y/y), missing analysts’ consensus estimate of $31.827 bln.

Target also said its comparable sales declined 4.4% y/y in Q4 FY2024.

In addition, the company issued in-line EPS guidance for Q1 FY2024 and the full FY2025 of $1.70-2.10 (versus analysts’ consensus estimate of $2.09) and $8.60-9.60 (versus analysts’ consensus estimate of $9.17), respectively. Its comparable sales are forecast to decline by 3-5% y/y in Q1 FY2024 but to rise by 0-2% in FY2024.

TGT rose to $162.80 (+8.18%) in pre-market trading.