Target released its Q3 financial report for 24 years, with revenue increasing slightly by 1.1% to US$25.7 billion

It is learned that on November 20, the US retail giant Target released its third-quarter financial report for 2024. The report showed that Target's revenue in the third quarter was US$25.7 billion, a year-on-year increase of 1.1%.

Here's a summary of Target's third-quarter financial results:

Revenue was $25.7 billion, up 1.1% year-over-year

Operating income was $1.2 billion, down 11.2% year-on-year

Operating profit margin was 4.6%, compared with 5.2% in the same period last year

Gross profit margin was 27.2%, compared with 27.4% in the same period last year

Comparable sales increased by 0.3%, offline sales decreased by 1.9%, and online sales increased by 10.8%

Brian Cornell, chairman and CEO of Target, said that comparable sales in the third quarter increased by 0.3%, thanks to strong customer traffic and outstanding performance of digital business. Customer traffic increased by 2.4% year-on-year, and digital comparable sales increased by 10.8%. Among them, the same-day delivery service supported by Target Circle 360 ​​increased by nearly 20%, and the Drive Up business also achieved double-digit growth. In terms of categories, same-store sales of beauty products increased by more than 6%, while sales of food, beverages and daily necessities recorded single-digit growth.

Looking ahead, Target expects fourth quarter comparable sales to be roughly flat compared to the prior year period, with GAAP and adjusted EPS of $1.85 to $2.45, translating to full year expected GAAP and adjusted EPS range of $8.30 to $8.90.

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