Target\u00a0delivered better-than-expected earnings for the fourth quarter but warned about a slowdown as consumers continue to focus on necessities.<\/p>\n\n\n\n
Shares are still trading about 5% higher in pre-market Tuesday.<\/p>\n\n\n\n
Target posted of $1.89 on revenue of $31.4 billion, beating the average analyst estimate for earnings of $1.40 per share on revenue of $30.65B. Overall, sales rose 1.2% compared to the year-ago period while comparable sales grew 0.7%, better than the expected decline of 1.7%.<\/p>\n\n\n\n
\u201cThis performance highlights the benefit of our multi-category merchandise assortment, which drives relevance with our guests in any environment, and is a key reason we grew traffic every quarter last year,” said Brian Cornell, chairman and chief executive officer of Target Corporation.<\/p>\n\n\n\n
Target reported a gross margin contraction of 300 basis points compared to the year-ago period due to higher costs. Analysts were looking for a gross margin of 23.5%, above the reported 22.7%.<\/p>\n\n\n\n
The retailer also said that customer transactions grew 0.7% while the average transaction amount was flat for the fourth quarter. Analysts were expecting a decline of nearly 2%. Inventory at the end of the quarter was 3% lower than in 2021, Target said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Target\u00a0delivered better-than-expected earnings for the fourth quarter but warned about a slowdown as consumers continue to focus on necessities. Shares are still trading about 5% higher in pre-market Tuesday. Target posted of $1.89 on revenue of $31.4 billion, beating the average analyst estimate for earnings of $1.40 per share on revenue of $30.65B. Overall, sales …<\/p>\n","protected":false},"author":9,"featured_media":80736,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[7113,6987,8051,7587,8038],"class_list":["post-80735","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-earnings","tag-inflation","tag-target","tag-us-stocks","tag-walmart"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=80735"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80735\/revisions"}],"predecessor-version":[{"id":80737,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80735\/revisions\/80737"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/80736"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=80735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=80735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=80735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}