Target Corporation (NYSE: TGT) reported fourth quarter 2023 earnings results today.
Total revenue was $31.9 billion, up 1.7% compared to the same period last year. Comparable sales declined 4.4%.
Net earnings grew 58% to $1.38 billion, or $2.98 per share, compared to last year. Adjusted EPS rose 58% to $2.98.
Both the top and bottom line numbers beat expectations, sending the stock soaring over 9% in premarket hours on Tuesday.
For the first quarter of 2024, the company expects a comparable sales decline of 3-5%. GAAP and adjusted EPS are both expected to range between $1.70-2.10.
For the full year of 2024, Target expects comparable sales to range from flat to up 2%. GAAP EPS and adjusted EPS are both expected to range between $8.60-9.60.