Why Is Target Stock Trading Higher Today?

Target Corp (NYSE:TGT) shares are trading higher after it reported fourth-quarter FY23 revenue growth of 1.7% year-on-year to $31.92 billion, beating the analyst consensus estimate of $31.83 billion.

Comparable sales declined 4.4% in the fourth quarter, reflecting comparable store sales declines of 5.4% and comparable digital sales decline of 0.7%.

Gross margin for the quarter expanded by 290 basis points to 25.6%. The gross margin rate reflected lower markdowns and other inventory-related costs, lower freight costs, lower supply chain and digital fulfillment costs, and favorable category mix.

Operating income margin rate of …

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