(Updated - February 28, 2023 6:34 AM EST)
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