52 Week Low, page-47

Higher industry margins a trend we want CCX to enjoy

“Target's (TGT) operating margin rate was 5.2% vs. 3.9% a year ago. Gross margin rate was 27.4% of sales vs. 24.7% a year ago, reflecting lower markdowns and other inventory-related costs, lower freight costs, lower supply chain and digital fulfillment costs, and favorable category mix. SG&A expense rate was 20.9% vs. 19.7% a year ago, reflecting the de-leveraging impact of lower sales combined with higher costs, including continued investments in pay and benefits and inflationary pressures throughout the TGT business, partially offset by disciplined cost management. The improved margins helped Target (TGT) beat estimates on the EPS line”