Q3 2024 Earnings Summary
Reported on Nov 15, 2023 (Before Market Open)
Pre-Earnings Price$110.79Last close (Nov 14, 2023)
Post-Earnings Price$126.08Open (Nov 15, 2023)
Price Change
$15.29(+13.80%)
- Target is focused on both top-line growth and profitability, with a laser focus on improving traffic, building the top line, and expanding profitability. They are not satisfied with current top-line performance and are committed to improving it.
- Sequential improvement in traffic, with traffic improving quarter-over-quarter at a slightly faster rate than the top line did. The company is excited about investments to turn traffic back in their favor over time.
- Strong commitment to long-term growth initiatives, with capital expenditures of $3 to $4 billion planned for next year, reflecting continued investment in growth-driving areas. They are pleased with the almost $5 billion of investments this year and the returns they will drive.
- Three important bear case points for Target Corporation ($TGT) based on the Q&A section:*
- Sales decline of around 5% in Q3 and similar guidance for Q4, indicating continued pressure on top-line performance.
- Seven consecutive quarters of declines in discretionary goods, both in dollars and units, suggesting ongoing challenges in key product categories.
Research analysts covering TARGET.