Target 4Q Sales, Profits Top Wall Street Views
By Colin Kellaher
Target Corp. on Tuesday posted fiscal fourth-quarter sales and
earnings that topped Wall Street's expectations amid surging
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
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
Write to Colin Kellaher at firstname.lastname@example.org
(END) Dow Jones Newswires
March 02, 2021 06:51 ET (11:51 GMT)
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