Target Corporation shared on Tuesday that its total revenue for the fourth quarter of fiscal 2023 rose 1.7% year over year to stand at $31.9 billion. Meanwhile, in the reported period, on an annual basis, net earnings surged 57.8% to $1.4 billion, while diluted earnings per share (EPS) soared 57.6% to $2.98.
For the entire fiscal 2023, the company's total revenue saw a 1.6% decrease, with the figure coming in at $107.4 billion. On the other hand, net earnings climbed 48.8% to $4.1 billion and diluted EPS rose by 49.4%, landing at $8.94.
"Looking ahead, we'll continue to invest in the strengths and differentiators that have delivered strong financial performance over time. We'll also roll out fresh innovations, including our new Target Circle membership program, as part of our roadmap for growth aimed at meeting consumers where they are, reigniting sales, traffic and market share gains, and positioning Target for profitable growth in 2024 and beyond," CEO Brian Cornell said. The company's shares jumped 5.64% in the premarket trading following the release of the report.
