Target beat analyst estimates on Q4 sales and earnings as it works towards a brighter 2024.
Target powers to highest price since April 2023 on earnings. But full-year revenue falls for the first time since 2017.
Target on Tuesday reported higher holiday-quarter earnings on a smaller-than-expected sales decline and predicted that annual comparable sales would come in largely above Wall Street expectations, sending its shares up as much as 11% in premarket trading. Target reported adjusted earnings of $2.98 per share in the fourth quarter, compared to $1.89 per share in the same period a year earlier. Total comparable sales in the November to January period fell 4.4% compared with the 4.6% decline analysts were expecting, in part due to a recovery in sales on Target.com.