Overview
- For the quarter ended Nov. 1, net earnings fell 19% to $689 million as adjusted EPS reached $1.78, net sales declined about 1.5% to $25.3 billion, and comparable sales dropped 2.7%.
- The company guided to a low single-digit decline in fourth-quarter comparable sales and narrowed full-year EPS to $7 to $8.
- Target plans to raise annual capital expenditures to about $5 billion next year to remodel and refresh stores, rework assortments and floor plans, and expand next-day shipping under its stores-as-hubs model.
- A ChatGPT integration enters beta next week, enabling multi-item purchases including fresh food and offering drive-up or pickup fulfillment options within OpenAI platforms.
- Recent moves include eliminating about 1,800 corporate roles, cutting prices on thousands of essentials, adding more than 20,000 new items, and navigating a steep stock decline reported at roughly 35% year to date.