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 colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

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

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