Target Q3 EPS $1.54 (-49% YoY); lowers Q4 guidance; announces $2-3B efficiency plan

TARGET CORP

2023-Q3 EPS reported $4.09 revenue$77,725,000,000

GAAP EPS $1.54 vs $3.04 last year; revenue $26.5B (+3.4%); comparable sales +2.7%.
Operating margin 3.9% vs 7.8% last year; gross margin fell to 24.7% from 28.0% due to markdowns, shrink, higher costs.
Q4 guidance: low-single-digit comparable sales decline; operating margin rate centered around 3%.
Announces enterprise efficiency initiative targeting $2-3B cumulative savings over three years.
Dividend increased 20% (paid $497M in Q3); no share repurchases in quarter; $9.7B remaining authorization.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

TARGET CORP reported the three months ended October 29, 2022 results: revenue $26.5 billion, EPS $1.54. Guidance lowered.

Period: the three months ended October 29, 2022
Revenue: $26.5 billion
EPS: $1.54
Guidance: lowered
Result: reported results

Exact text from the filing

sales grew 2.7 percent in the third quarter, reflecting comparable store sales growth of 3.2 percent and comparable digital sales growth of 0.3 percent. Total revenue of $26.5 billion grew 3.4 percent compared with last year, reflecting total sales growth of 3.3 percent and a 9.5 percent increase in other revenue. Operating income was $1.0 billion in third

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Source: SEC EDGAR

accession 0000027419-22-000032

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