Target Corp. (NYSE: TGT) was expected to have a good quarter, just not this good. The company reported fourth quarter and full-year results this morning and absolutely hammered expectations. Quarterly adjusted EPS came in at $1.49 compared with a consensus estimate of $1.40. Revenue for the quarter totaled $21.28 billion versus estimates of $21.21 billion.
For the full-year adjusted EPS totaled $4.41, compared with an expectation of $4.24. Adjusted earnings grew 14.3% year-over-year and the company noted that its same-store sales were the best since 2007. Big-box competitor Wal-Mart Stores Inc. (NYSE: WMT) missed estimates when it reported earnings earlier this week.
For the 2013 fiscal year ending next January, Target expects adjusted EPS of $4.55 to $4.75 and GAAP EPS of $4.05 to $4.25. Analysts had a consensus estimate of $4.27 (adjusted). For the first quarter of the new fiscal year, Target expects adjusted EPS of $0.97 to $1.07 and GAAP EPS of $0.88 to $0.98. Analysts’ current forecast calls for EPS of $0.96.
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