The company said sales for fiscal 2023, a 53-week year, were $105.8 billion, down $1.8 billion or 1.7%, and operating income was $5.7 billion, 48.3% higher than in the comparable prior-year period.

1. 01

   The company said sales for fiscal 2023, a 53-week year, were $105.8 billion, down $1.8 billion or 1.7%, and operating income was $5.7 billion, 48.3% higher than in the comparable prior-year period.

2. 02

   The company said its gross margin rate was 26.5% in 2023 and 23.6% in 2022, and its SG&A expense rate was 20.1% in 2023 compared with 18.9% in 2022.

3. 03

   The company said operating cash flow for 2023 was $8.6 billion, up from $4.0 billion in 2022, and cited improved working capital, including higher net earnings and lower inventory, as the drivers. Year-end inventory was $11.9 billion, down from $13.5 billion in 2022.

4. 04

   Target said it paid dividends of $2.0 billion ($4.36 per share) in 2023 and did not repurchase any shares. The company said it expects capital expenditures in 2024 of approximately $3.0 billion to $4.0 billion.

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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