Target Corporation's shares are showing an increase of over 11 percent this Tuesday morning, following the release of their fourth-quarter results which surpassed analysts' predictions. The retailer also presented a full-year earnings outlook that exceeded predictions from Wall Street.
In the fourth quarter, Target saw a surge in net earnings to $1.38 billion or $2.98 per share, up from the previous year's earnings of $876 million or $1.89 per share. This increase in earnings benefitted from an additional week of sales compared to the previous year. A poll of 27 analysts conducted by Thomson Reuters had anticipated the company's earnings to be at $2.22 per share for this quarter.
Revenue for the same quarter also experienced growth of 1.7 percent, increasing to $31.92 billion from the previous year's $31.40 billion. Analysts had expected revenues of $29.33 billion for the quarter.
For the fiscal year 2024, Target is now projecting earnings between $8.60 and $9.60 per share. The general consensus on Wall Street was pegged at an expected earning of $8.44 per share for the year.
At present, Target's share price stands at $168.07 and it has historically fluctuated between $102.93 and $171.24 over the course of the past year.
