Target
Q4 2022 Earnings Call
Feb 28, 2023, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
John Hulbert
Well, good morning, everyone, and welcome to our 2023 financial community meeting. I'd like to start by welcoming the investors and others who are attending this meeting remotely. And of course, we're happy that so many of you have joined us here in person today. Before I turn it over to Brian to start the meeting, I have a couple of important disclosures.
First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. And second, in today's remarks, we'll refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases, financial presentations, and SEC filings, which are posted on our investor relations website. With that, I'll turn it over to Brian to begin the meeting.
[Commercial break]
Brian Cornell -- Chairman and Chief Executive Officer
Well, good morning, and thank you for joining us. We're looking forward to spending this time with you. We're eager to share our plans, including how we'll continue to grow, how we'll continue to rebuild profitability on that growth, and how we'll strengthen our business in conditions that have changed a lot since we gathered here at the Times Center last year. At that time, we just passed a crucial milestone.
We had just become a $106 billion company. For the full year 2022, which we're reporting today, we placed another $3.1 billion of revenue growth on top of that growth. We grew traffic by 2.1%. We gained unit share across our core merchandising categories, which means that consumers were constrained by inflation and have to be very selective about where they shop and what they buy, continue shopping and buying at Target.
And despite difficulties throughout the year, we closed the books on 2022 with our 23rd straight quarter of comp sales growth. However, the path between last year's Times Center meeting and this one was anything but predictable. When we last gathered here, New York was still under a mask mandate. And now, although consumers had started moving toward post-pandemic behaviors, with families returning to travel and restaurants and shifting some dollars out of retail, we are just beginning to see how volatile and uncertain 2022 would become as spiraling inflation forced families to put discretionary purchases on hold and focus most of their spending on necessities, and there was a rapid escalation to the most expensive operating environment we've seen in decades.