The profit of the American retailer Target grew by almost 50% in 2023 – Kommersant
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In the fourth quarter, the revenue of one of the largest American retailers Target grew by 1.7%, amounting to $31.9 billion. Net profit for the quarter increased by 57.8%, to $1.4 billion. In 2024, the company’s revenue as a whole decreased by 1.6%, to $107.4 billion. Annual Target’s net profit increased by 48.8%, amounting to $4.1 billion. The company’s shares rose by 12% after the publication of the report.
However, some of the company’s indicators worried investors, in particular the decline in comparable sales (that is, sales at existing locations excluding new ones opened over the past year). Comparable sales were down 4.4% in the fourth quarter and 3.7% for 2023. Last year, Target’s revenue fell for the first time in seven years, due to the fact that, taking into account inflation, customers are buying fewer non-food products, which the retailer specializes in selling, than before. Target shares are down 4.4% in 2023. For comparison, shares of the largest American supermarket Walmart rose 12% during this period.
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