THE WHAT? Target has announced its results for the fourth quarter of fiscal 2024. The US retailer saw comparable sales drop 4.4 percent in the fourth quarter, although revenue rose 1.7 percent to US$31.9 billion and adjusted earnings per share were US$2.98 compared with 2022’s US$1.89.
THE DETAILS For the full year, adjusted EPS were US$8.94 versus US$5.98 in the prior year and full year sales decreased 1.7 percent to US$105.8 billion. Revenue dipped 1.6 percent to US$107.4 billion compared to the prior year.
Target said it expects comparable sales to drop 3 to 5 percent in the first quarter of fiscal 2024, with adjusted EPS ranging from US$1.70 to US$2.10 but predicts a modest increase in comparable sales for the full year.
THE WHY? Brian Cornell, Chairman and Chief Executive Officer of Target Corporation, explains, “Our team’s efforts changed the momentum of our business, further improving our sales and traffic trends in the fourth quarter while driving profitability well ahead of expectations. Throughout the season, guests responded to newness, value, and the inspiration and ease of our in-store and digital shopping experience. Looking ahead, we’ll continue to invest in the strengths and differentiators that have delivered strong financial performance over time. We’ll also roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond.”
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Microdermabrasion Devices: Tools used for mechanical exfoliation to rejuvenate skin.
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Cosmeceuticals: Skincare products that contain biologically active ingredients with pharmaceutical-like benefits.
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Sterilization and Disinfection Products: Essential for maintaining hygiene and preventing infections in clinical settings.
