Evidence of Modest Improvements Surfacing at No-Moat Target, but Competitive Angst Persists
No-moat Target issued fourth-quarter results that showed its transformation is starting to bear fruit, as transactions increased 3.2%, an acceleration from the 0.2% bump last year. These results far outpaced the nearly flat transaction trends generated on average the past decade, which we attribute to the 29% bump in digital sales (on top of the 34% last year). The picture remains mixed, however, when considering its operating margins were down 150 basis points to 5% (full-year came in at 6% com...
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