Target (NYSE: TGT) expects continued growth in the current fiscal year despite a challenging business landscape stemming from cost inflation, labor challenges, and supply chain bottlenecks. The big-box retailer’s revenue grew 13.3% to $106 billion in FY21 (ended January 29, 2022), building on the exceptional pandemic-induced growth rate of 19.8% in FY20. Comparable sales were up 12.7% in FY21, in addition to the 19.3% growth seen in FY20. Adjusted EPS jumped 44% to $13.56 in FY21. Target now expects low- to mid-single-digit revenue growth in FY22. It anticipates high-single-digit growth in FY22 adjusted EPS, despite increased costs continuing to affect profitability. Target shares have advanced 8.
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