"Target reported another quarter of declining sales and profits as it struggles to regain its footing with customers who are facing higher prices almost everywhere. But the Minneapolis company on Tuesday offered a solid annual profit outlook that was better than Wall Street had been projecting. It also said it believes net sales will grow every quarter this year."
"The company earned $2.30 per share, or $1.05 billion, for the three-month period ended Jan. 31. That compares with $2.41 per share, or $1.10 billion, during the year-ago period. Adjusted earnings per share for the most recent quarter was $2.44. Sales fell 1.5% to $30.45 billion during the latest period. For the full year, sales fell nearly 2% to $104.78 billion."
"Comparable sales - sales at established stores and online channels - fell 2.5%, followed by a 2.7% dip in the fiscal third quarter. The latest figure marks 11 quarters out of the past 13 that Target has posted either declines or flattish growth for this measure."
Target experienced another quarter of declining sales and profits as customers contend with widespread price increases. The company earned $2.30 per share, exceeding analyst expectations of $2.16, with adjusted earnings per share at $2.44. Sales declined 1.5% to $30.45 billion for the quarter and fell nearly 2% to $104.78 billion for the full year. Comparable-store sales fell 2.5%, marking the 11th decline or flat performance in the past 13 quarters. However, Target provided solid annual profit guidance exceeding Wall Street projections and indicated comparable-store sales rose at the start of the current quarter. New CEO Michael Fiddelke, who recently succeeded Brian Cornell, is expected to outline turnaround strategies.
#retail-performance #target-financial-results #sales-decline #ceo-leadership-change #consumer-spending
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