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Tuesday, March 5, 2024

Target Sales Fall For First Time Since 2016 — March 5, 2024

Locator: 46678TARGET.

Link here. Beats on top and bottom lines. Did Carl miss the story?

Shares surge. Up 8% in pre-market trading.

Target’s profit pops 60%. Tough 2023; Serbs up for a better 2024.

All improved: supply chain, freight costs, and energy costs.

As in Target’s previous quarter, the company reaped the benefits of having leaner inventories as it recovers from the overstocking that dinged profitability in the second half of 2022. Pared-down warehouses means Target doesn’t have to mark items down as aggressively as it has in the past two years, padding the bottom line. Lower freight and shipping costs boosted profitability as well, the company said, as did broad-based efficiency efforts that Target says helped save over $500 million over the course of the year.

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