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Target Corporation (TGT+0.05%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing total revenue of $25.7 billion, an increase of 1.1 percent from the previous year. This increase reflects a 0.9 percent rise in sales and an 11.5 percent increase in other revenue.
Comparable sales increased by 0.3 percent, driven by a 2.4 percent increase in traffic, offset by a 2.0 percent decrease in the average transaction amount. Comparable store sales declined by 1.9 percent, while comparable digitally-originated sales rose by 10.8 percent.
Operating income for the quarter was $1.2 billion, a decrease of 11.2 percent from the prior year. The gross margin rate was 27.2 percent, slightly down from 27.4 percent in the previous year.
Selling, general, and administrative expenses increased to $5.5 billion, representing 21.4 percent of total revenue, compared to 20.9 percent in the previous year. This increase is attributed to higher team member pay and benefits.
Net earnings for the quarter were $854 million, down from $971 million in the previous year. Basic earnings per share were $1.86, while diluted earnings per share were $1.85.
Cash provided by operating activities was $4.1 billion, while cash used in investing activities was $1.9 billion. Cash required for financing activities was $2.5 billion.
Target's inventory was valued at $15.2 billion as of November 2, 2024, reflecting an increase due to seasonal inventory build-up and lower-than-expected sales in certain categories.
The company repurchased 2.4 million shares during the quarter at an average price of $147.43 per share, totaling an investment of $354 million.
Target's effective income tax rate for the quarter was 21.7 percent, compared to 21.3 percent in the previous year.
The filing also notes that there have been no material changes to the company's risk factors and that there were no changes in internal control over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Target Corporation quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.