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2/28/2023, 12:32 PM (Source: TeleTrader)
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Target Q4 total revenue up to $31.4 billion

Target Corporation shared on Tuesday that its total revenue for the fourth quarter of fiscal 2022 rose 1.3% year over year to stand at $31.4 billion. Meanwhile, in the reported period, on an annual basis, net earnings slid 43% to $876 million, while diluted earnings per share slumped 41% to $1.89.

For the entire fiscal 2022, compared to the same timeframe in 2021, the company's total revenue saw a 2.9% growth, with the figure coming in at $109 billion. On the other hand, net earnings plunged 60% to $2.8 billion and diluted earnings per share saw a 57% loss, landing at $5.98. Additionally, operating income also plummeted 57% and was at $3.8 billion.

"Looking ahead, we're focused on executing our long-term strategy, including continued differentiation through affordability, assortment, ease and convenience," CEO Brian Cornell said. Full-year 2023 guidance revealed that Target expects its GAAP earnings per share to be between $7.75 to $8.75. The company's shares jumped 3.49% in the premarket trade following the report.

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