Target reported Q4 and 2023 financial results at its annual investor day on March 5, 2024. Quarterly comp performance improved sequentially from Q2 to Q4, but 2023 ended with comps down -3.7%. Profitability outperformed expectations as the company realized $2B of operating income growth in 2023 and reported notable gross margin improvements. The stock was up over 10% based on the release and details shared during the investor meeting.
During the meeting, the management team largely focused on the company’s performance over the last 10 years, instead of challenged near-term performance and updated 2024 guidance of muted topline results. The most notable ‘new news’ was Target revealed the relaunch of Circle next month which will bring Target’s 3 programs together: Circle, Circle Card (RedCard), and new Circle 360, in hopes of continuing to grow the membership base and increase participation.
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