General merchandise retailer Target (NYSE:TGT) will be reporting earnings tomorrow before the bell. Here's what you need to know.

Last quarter Target reported revenues of $25.4 billion, down 4.2% year on year, in line with analyst expectations. It was a very strong quarter for the company. While same-store sales declined, it exceeded analysts' expectations. Target also blew past analysts' EPS expectations, driven by a small beat on revenue, better profitability, and a lower-than-expected tax rate. The company also generated healthy operating cash flows and reduced its inventory. Next quarter's EPS guidance was slightly ahead of Consensus.

Is Target buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Target's revenue to grow 1.5% year on year to $31.87 billion, improving on the 1.3% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $2.42 per share.

The analysts covering the company have had mixed opinions about the business heading into the earnings, with revenue estimates seeing four upward and two downward revisions over the last thirty days. The company missed Wall St's revenue estimates three times over the last two years.

Looking at Target's peers in the non-discretionary retail segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. Walmart delivered top-line growth of 5.7% year on year, beating analyst estimates by 2.4% and Sprouts reported revenues up 7.7% year on year, exceeding estimates by 0.2%. Walmart traded up 2% on the results, and Sprouts was up 3.3%.

Read our full analysis of Walmart's results here and Sprouts's results here.

There has been positive sentiment among investors in the non-discretionary retail segment, with the stocks up on average 10.2% over the last month. Target is up 9.1% during the same time, and is heading into the earnings with analyst price target of $157.7, compared to share price of $155.3.

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