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11/15/2023, 12:32 PM (Source: TeleTrader)
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Target's Q3 revenue down 4.2% to $25.4 million

Target posted its third-quarter results on Wednesday, reporting revenue of $25.4 billion against $26.5 billion in the same quarter of 2022, a 4.2% decrease year-over-year.

Net earnings came at $971 million, a 36.3% growth from the $712 million in 2022. Diluted earnings per share stood at $2.10, up 36.3% from $1.54 in the same period. Operating income stood at $1.3 billion, up 28.9% compared with the previous $1 billion. Comparable sales declined 4.9% in the third quarter, while total sales registered an annual 4.3% drop.

"In the third quarter, our team continued to successfully navigate our business through a very challenging external environment. While third-quarter sales were consistent with our expectations, earnings per share came in far ahead of our forecast," CEO Brian Cornell noted.

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