A Target store in Culver City, California.
Mark Ralston | AFP | Getty Images
Target outpaced analysts’ earnings expectations in the fourth-quarter, but sales fell short as the retailer wasn’t able to overcome weak sales of toys, electronics and home goods over the holidays.
Shares were down 1% in premarket trading.
Here’s what Target reported compared with what analysts were expecting, based on a survey of analysts by Refinitiv:
- Earnings per share, adjusted: $1.69 vs. $1.65 expected
- Revenue: $23.40 billion vs. $23.50 billion expected
- Same-store sales growth: 1.5% vs. 1.5% expected
In the fourth quarter ended Feb. 1, net income grew to $834 million, or $1.63 per share, from $799 million, or $1.52 per share, a year earlier.
Excluding items, Target earned $1.69 per share, which was higher than the $1.66 per share analysts were expecting, according to Refinitiv.
Target said revenue grew to $23.40 billion, from $22.98 billion last year, and lower than the $23.50 billion analysts expected.