Target Corp. revealed in its fourth quarter earnings report that its net sales fell 3.1% year-over-year to land at $30.9 billion. Net earnings dropped 20.2% annually to stand at $1.1 billion while GAAP and diluted earnings per share (EPS) came in at $2.41, dropping 19.3% compared to the corresponding quarter of the previous year and near the high end of the company's guidance range.

For the full year 2024, the company's net sales recorded weaker growth, rising 0.8% and settling at $106.6 billion. Net earnings were down 1.1% in 2024 to $4.1 billion whereas GAAP diluted EPS fell 0.9% to $8.86.

"Our team grew traffic and delivered better-than-expected sales and profitability in our biggest quarter of the year. Results were led by strong performance in Beauty, Apparel, Entertainment, Sporting Goods and Toys. As we look ahead, our continued investments in digital capabilities, stores, and supply chain," Target CEO Brian Cornell said.

Target's stock went up 3.5% in pre-market trade after the report's release.