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Most Trending
-8.97%
-4.37%
-0.07%
+1.66%
+5.77%
Target published its financial reports for the first quarter of 2023, according to which its revenues amounted to $25.32 billion, above analysts' expectations for revenues of $25.29 billion. The company posted an adjusted profit of $2.05 per share, higher than Wall Street analysts' expectations for an adjusted profit of $1.76 per share.
Target said it expects sales to remain sluggish in the current quarter and that a low single-digit decline in like-for-like sales is possible. It expects annual same-store sales to range from a low single-digit decrease to a low single-digit increase. She also said that her adjusted earnings per share for the entire year will range between $7.75 and $8.75.
Comparable sales, a key retail measure that tracks sales at stores open at least 13 months and online, were nearly flat in the first quarter compared to the same period last year and were roughly in line with Wall Street's expectations for growth of 0.2%. Comparable store sales grew 0.7%, but comparable digital sales fell 3.4% compared to the same period last year.
Target had a challenging year of profit and weak demand after a wave of growth during the pandemic. Its annual revenues jumped by about $31 billion—almost 40%—from the fiscal year that ended in January 2020 to the fiscal year that ended last January. In the corresponding quarter a year ago, the company faced higher transportation costs, so normally popular purchases such as bicycles and kitchen utensils remained on the shelves during the epidemic. As a result, the company missed Wall Street's profit expectations three quarters in a row, and the stock fell.
However, Target is showing signs that its inventory and profits are back on track. Earnings in the fiscal first quarter beat expectations, and its gross margin of 26.3% was up from a year ago as freight costs fell and it had fewer discounts as a retailer. However, its operating margin rate has yet to climb back to pre-pandemic levels.
Please note that the article should not be considered as investment advice or marketing, and it does not take into account the personal data and requirements of any individual. It is not a substitute for the reader's own judgment, and it should not be considered as advice or recommendation for buying or selling any securities or financial products.
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The Score performance whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained.
The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The Readiness Indicators, Sentiment Indicators and total score are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Active trading is generally not appropriate for someone of limited resources, limited invesment or trading experience, or low-risk tolerance. Your capital may be at risk.
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Disclaimer:
The Score performance whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained.
The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. The Readiness Indicators, Sentiment Indicators and total score are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. Active trading is generally not appropriate for someone of limited resources, limited invesment or trading experience, or low-risk tolerance. Your capital may be at risk.
Please note that no offer or solicitation to buy or sell securities, securities derivatives of future products of any kind, or any type of trading or invesment advise, recommendation or strategy, is made, given or endorsed by StocksRunner including any of their affiliates ("TS").
This information is provided for illustrative purposes only. You should not rely on any advice and/or information contained in this website and before making any investment decision. we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation and legal advice.
