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Target (TGT) earnings Q4 2022

admin by admin
February 28, 2023
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Target (TGT) earnings Q4 2022
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Target department store in Miami, Florida on June 7, 2022. Target said it expects profits to take a hit in the short term as it takes aggressive steps to mark down unnecessary items, cancel orders and remove excess inventory. .

Joe Ladle | Getty Images

the goal On Tuesday, retailers will report holiday quarter results in preparation for a year that looks ready Slower sales and more price-sensitive customers.

According to Refinitiv’s consensus estimates, analysts expect Target’s fourth quarter to be:

  • Adjusted Earnings Per Share: Expected $1.40
  • Revenue: Estimated $30.7 billion

The big box retailer, known for selling low-priced fashion-forward clothing, homewares and more, saw its sales skyrocket in the first two years of the pandemic. Total annual revenue increased by approximately $28 billion, or approximately 36%, from fiscal 2019 to fiscal 2021.

But over the past year, Target has faced changes in both sales dynamics and market sentiment.Discounters have become the industry’s poster child stock trouble,Squeezed Profit rate and concerns Middle-income consumers struggling with inflationThe company has missed Wall Street earnings estimates for the third straight quarter and warned investors: Expect a soft holiday sale.

Target stock is down nearly 40% from its all-time high. It closed Monday at $166.81 per share, giving it a market value of nearly $77 billion. But so far this year, the company’s stock is up about 12%, outpacing the S&P 500’s gain of about 4%.

In addition to its fiscal fourth quarter results, Target plans to share guidance for the full year at Investor Day in New York City.

So far, retailers are cautious about the year ahead. walmart I said last week that I was expecting Existing store sales up 2% – 2.5% Excluding fuel in the U.S. business, that growth is driven by inflation rather than volume growth. Elsewhere, home depot Earnings below forecast for first time since November 2019 Full-year sales growth rate is almost flat.

the target is more vulnerable than its biggest rival, Walmart.Percentage of food products Only 20% of Target’s sales, Walmart Over half of our sales come from the frequency driving category. It is also well-known for its “target runs,” trips that encourage shoppers to fill their shopping baskets with random items and make impulse purchases along with the items they visit. Spend money on restaurants and other services and watch your budget carefully.

This is breaking news. Please check the latest information.

Tags: Breaking News: EarningsBulletin: BusinessBusiness newsearningsHome DepotInc.retail businesstargettarget companyTGTWalmartwork
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