Target Corporation (NYSE:TGT) shares improved after the retailer beat fiscal fourth-quarter expectations on the top and bottom lines.
The company posted revenue of $31.4 billion in the three months ended January 29, ahead of Street expectations of $30.72 billion, and earnings of $1.89 per share, compared to $1.40 expected.
That said, those expectations were lowered by a weaker year overall. Compared to the fourth quarter a year ago, net income fell 43% from $3.21 per share.
Looking ahead, Target said it expects that comparable sales will range from a low single-digit decline to a low single-digit increase for fiscal 2023.
The company also expects full-year earnings per share of between $7.75 and $8.75, which is below the Street’s expectations of $9.23 per share.
“I think we’re being appropriate with our guidance in this environment,” Cornell told CNBC’s Squawk Box on Tuesday. “We know inflation is still high — it’s been very stubborn. It’s still at a very high level. We know interest rates are rising. And we’re going to watch the consumer really carefully.”
Target stock was up more than 3% to $171.94 Tuesday morning.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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