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BRIEF-Target Corp Says Qtrly Comparable Sales Increased 2.7%

Reuters · 11/16/2022 06:30
BRIEF-Target Corp Says Qtrly Comparable Sales Increased 2.7%

- Target Corp TGT.N:

  • 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: TGT.N


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