Overview
- Comparable sales fell 2.7% in the quarter ended Nov. 1, the third consecutive decline, with total revenue down 1.5% to $25.27 billion.
- Net income was $689 million, or $1.51 per share, with adjusted earnings of $1.78 topping Wall Street’s $1.71 estimate but trailing last year’s $1.85.
- Target cut full-year guidance to $7–$8 per share and said it expects low‑single‑digit comparable‑sales declines in the fourth quarter.
- The company will invest an additional $1 billion next year to remodel and build stores, lifting its renovation program to $5 billion, while doubling new items to 20,000 and cutting prices on thousands of essentials.
- Target announced a partnership with OpenAI to let ChatGPT users browse Target products before handing off to Target’s app, as Michael Fiddelke prepares to succeed Brian Cornell in February and the company works through October corporate layoffs of about 8% and a roughly 43% stock slide over the past year.