Target Corp. posted quarterly profits of $1.38 billion
Target Corp. posted quarterly profits of $1.38 billion
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Target Corp. revenue
Target Corp (NYSE:TGT). which owns the second-largest discount shop chain in the United States, posted net income of 1.38 billion dollars, or 2.73 dollars per share, for its fiscal 4th quarter ended January 30, up from 834 million dollars, or 1.63 dollars per share, in the same quarter of the previous fiscal.
Earnings excluding one-off factors rose to 2.67 dollars per share from 1.69 dollars per share a year earlier, Target said in a press release. Experts polled by FactSet had forecast an average of 2.54 dollars per share.
Target's quarterly revenue rose 21.1% to 28.34 billion dollars, against analysts' consensus forecast of 27.41 billion dollars.
The increase in Q4 earnings and revenue was driven by growth in online sales.
Target's like-for-like sales jumped 20.5%, including shop sales up 6.9% and online sales up 118%. Online sales accounted for two-thirds of Target's total increase in like-for-like sales, the press release noted. Analysts surveyed by FactSet expected on average a 17.1% increase in like-for-like sales.
The number of in-store purchases at Target increased 6.5% last quarter, with the average purchase price up 13.1%.
The company did not provide an outlook for fiscal 2021, citing uncertainty related to the COVID-19 pandemic.
Target's shares rose in pre-trade on Tuesday. They are up 5.4 per cent since the start of the year.
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