Target (TGT) Tops Q4 EPS by 49c, Revenue Beats; Guides Below Views

Target (NYSE: TGT) reported Q4 EPS of $1.89, $0.49 better than the analyst estimate of $1.40. Revenue for the quarter came in at $31.4 billion versus the consensus estimate of $30.65 billion.

• Comparable sales increased 0.7 percent, on top of 8.9 percent in Q4 2021, driven entirely by an increase in guest traffic.
• Same-day services (in-store pickup, Drive Up, and Shipt), which represent more than 10 percent of total sales, increased 4.3 percent in the quarter.
• Inventory at the end of the quarter was 3 percent lower than in 2021, despite an increase in early receipts compared with last year. Inventory in discretionary categories was approximately 13 percent lower than a year ago, partially offset by higher inventory in frequency categories.

GUIDANCE:

Sees Q1 EPS of $1.50-$1.90, versus the consensus of $2.14

Sees FY EPS of $7.75-$8.75, versus the consensus of $9.23

For earnings history and earnings-related data on Target (TGT) click here.

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