Target closed out its fiscal year 2024 with a drop in fourth-quarter sales that also served as a drag on full-year results.

For the quarter ended February 1, net sales were $30.9 million, down 3.1% from the comparable quarter the previous year. Net earnings were down 20.2% to $1.1 billion as diluted earnings per share fell 19.3% to $2.41. The fourth quarter of 2023 included an additional week.

Comparable sales increased 1.5% in the fourth quarter, reflecting a comparable store sales decline of 0.5% and a comparable digital sales increase of 8.7%. Comparable sales in apparel and hardlines accelerated nearly 4% as compared to the third quarter, company officials said. Same-day sales powered by Target Circle 360 were up more than 25%.

Full-year net sales decreased 0.8% to $106.6 billion, reflecting a 0.1% increase in comparable sales as well as the benefit of sales from new stores and growth in non-merchandise revenues, offset by the impact of one fewer week of sales in 2024.

For the full year, Target officials said beauty delivered mid-single-digit comparable sales growth, with food & beverage, apparel, and essentials also delivering growth.