By Colin Kellaher


Target Corp. on Tuesday posted fiscal fourth-quarter sales and earnings that topped Wall Street's expectations amid surging digital demand.

The Minneapolis retailer reported net income of $1.38 billion, or $2.73 a share, for the quarter ended Jan. 30, up from $834 million, or $1.63 a share, a year earlier.

Excluding items, Target reported an adjusted profit of $2.67 a share for the quarter. Analysts polled by FactSet, on average, were expecting adjusted earnings of $2.54.

Sales surged 21% to $28.3 billion, topping the $27.4 billion Wall Street was looking for. Comparable sales rose 20.5%, beating expectations for a gain of 17%, amid a 118% jump in digital comparable sales.

Target, which pulled its guidance in the first quarter of 2020 as the Covid-19 pandemic took hold, said it isn't giving any forecasts for 2021 due to continued uncertainty surrounding the pandemic.


Write to Colin Kellaher at


(END) Dow Jones Newswires

March 02, 2021 06:51 ET (11:51 GMT)

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