Shares of Target Corp (NYSE:TGT) are trading lower in premarket on Tuesday after the fourth-quarter FY24 earnings.
The company reported a fourth-quarter sales decline of 3.1% year-on-year to $30.91 billion, beating the analyst consensus estimate of $30.84 billion.
Comparable sales increased 1.5% in the fourth quarter, reflecting strong traffic and digital performance. Digital comparable sales grew 8.7%.
Adjusted EPS of $2.41 beat the consensus estimate of $2.26.
Gross margin for the quarter contracted by 40 basis points to 26.2%, reflecting higher digital fulfillment and supply chain costs and higher promotional and clearance markdown rates.
Operating income margin rate of 4.7% was 110 basis points lower than last year, and the operating income for the quarter plunged 21.3% to $1.47 billion.
The company held $4.7 billion in …
