The earnings call reflected positive momentum in terms of profitability and operational efficiency, despite ongoing challenges with sales and traffic declines due to economic pressures on consumers.

Company Guidance

During the third quarter earnings call for Target Corporation, the executives provided guidance with a strong emphasis on profitability improvements and cautious inventory management. Despite a 4.9% decline in comparable sales, which was aligned with expectations, the company reported a third quarter EPS of $2.10, exceeding forecasts and marking a 36% increase from the previous year. Inventory levels were down 14% from a year ago, reflecting disciplined management, while discretionary category inventory decreased by 19%. Executives highlighted the robustness of same-day services, with Drive-Up expanding by 12%, and a strategic focus on enhancing digital fulfillment capabilities. Target maintained a guidance of mid-single-digit decline for fourth-quarter comparable sales, with an EPS range of $1.90 to $2.60, taking into account the typically promotional holiday season and the additional 53rd week of sales. The company reiterated its commitment to long-term initiatives to drive top-line growth and continued profitability, with a full-year CapEx expectation near the high end of the $4 billion to $5 billion range, supporting store investments and digital enhancements.

Strong Profitability Improvement

EPS through the first 3 quarters of 2023 was more than 40% higher than last year and more than 26% higher than in 2019. The third quarter EPS of $2.10 was well above expectations and more than 36% ahead of last year.

Effective Inventory Management

Total inventory on the balance sheet was 14% lower than a year ago, with discretionary category inventory down 19%.

Operational Efficiency Gains

Significant improvements in in-stock metrics, with overall in-stocks improving nearly 1 percentage point compared with Q2 and more than 3 percentage points from a year ago.

Strong Beauty Segment Performance

Comparable sales growth in Beauty was in the high single digits, driven by core Beauty and Ulta Beauty at Target offerings.

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Target (GB:0LD8) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GB:0LD8 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 11, 2025	2024 (Q4)	2.15 / -	2.98	―	―	―
Nov 20, 2024	2024 (Q3)	2.30 / 1.85	2.1	-11.90% (-0.25)
Aug 21, 2024	2024 (Q2)	2.18 / 2.57	1.8	42.78% (+0.77)
May 22, 2024	2024 (Q1)	2.05 / 2.03	2.05	-0.98% (-0.02)
Mar 05, 2024	2023 (Q4)	2.43 / 2.98	1.89	57.67% (+1.09)
Nov 15, 2023	2023 (Q3)	1.47 / 2.10	1.54	36.36% (+0.56)
Aug 16, 2023	2023 (Q2)	1.43 / 1.80	0.39	361.54% (+1.41)
May 17, 2023	2023 (Q1)	1.77 / 2.05	2.19	-6.39% (-0.14)
Feb 28, 2023	2022 (Q4)	1.40 / 1.89	3.19	-40.75% (-1.30)
Nov 16, 2022	2022 (Q3)	2.16 / 1.54	3.03	-49.17% (-1.49)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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GB:0LD8 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 20, 2024	$154.51	$122.91	-20.45%
Aug 21, 2024	$141.43	$159.86	+13.03%
May 22, 2024	$153.37	$141.46	-7.76%
Mar 05, 2024	$147.58	$165.48	+12.13%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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