Target Q4 2023 Results
Comparable
Sales
Despite pressure on topline results, we continued growing our profits and improving traffic and sales.
In Q4, we rallied to change our business momentum.
-0.7%
Digital Comparable Sales
$2.98
GAAP EPS
All earnings per share figures refer to diluted EPS.
Statements in this document about our long-term prospects are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please see our Q4 and full-year 2023 earnings release and our SEC filings for risks and uncertainties that could cause Target’s results to differ materially from what was expected as of the date of this document, March 5, 2024.
-5.4%
-4.4%
Store
Comparable Sales
up 58% from Q4 2022
Traffic improved from -4.1% in Q3 to -1.7% in Q4.
operating income margin rate compared to 3.5% in FY 2022
5.3
%
>$500 million
operating income margin rate compared to 3.7% in Q4 2022
%
5.8
HOLIDAY DEALS DELIVERED
Our Black Friday and Cyber Monday sales outperformed overall trends as consumers turned to Target for holiday shopping.
Guests found:
Value in $25 holiday meals and
our most affordable top toys assortment ever
Newness in seasonal assortment, partnerships, owned brands and affordable gifting options
Digital business improved Investments in our digital guest experience drove increased transactions.
Double-digit growth in Q4 Drive Up comp sales
2023 Full-Year Highlights
We grew our operating income by nearly $2 billion compared to 2022.
GAAP EPS up nearly 50% from FY 2022
$8.94
saved through efficiency initiatives
>8
%
sales growth
in same-day services led
by double-digit growth in
Drive Up, with Starbucks and returns rolling
out nationwide
Our 2023 investments set Target up for future success.
Our multi-category portfolio offered newness, value and exclusivity, including:
$4.8 billion
In 2023, we:
Opened 21 new stores
Remodeled and enhanced 170 stores
Opened 4 new supply chain facilities, including our first Target Last Mile Delivery extension at an existing location
Refreshed or added more
shop-in-shops, including 155 Ulta Beauty locations, 100 Starbucks Cafés, 50 Apple Shops and
20 Disney shop-in-shops
We celebrated our first TRUE Zero Waste certified supply chain facility in Hawaii.
Target Forward Progress
New and trending products offered guests affordable joy.
introduced or expanded for even more options, including:
10 owned brands
Exclusive
Kendra Scott jewelry
Fenty Beauty by Rihanna
Favorite Day seasonal flavors
New Figmint kitchen brand
up >5 percentage points from Q3 2023
in capital expenditures for 2023