Target Hits the Mark With Q4 Results
Target Corp. (NYSE: TGT) released its fiscal fourth-quarter financial results before the markets opened on Tuesday. The big-box retailer said that it had $1.69 in earnings per share (EPS) and $23.4 billion in revenue, which compares with consensus estimates of $1.65 in EPS and $23.49 billion in revenue. The same period of last year reportedly had $1.53 in EPS and $22.98 billion in revenue.
Total revenue increased 1.8% year over year, reflecting sales growth of 1.8%, combined with a 9.3% increase in other revenue.
During the quarter, comparable sales grew 1.5%, reflecting comparable digital sales growth of 20%.
Looking ahead to the fiscal first quarter, the company expects to see EPS in the range of $1.55 to $1.75 and comparable sales growth in the mid-single digits. Consensus estimates call for $1.66 in EPS and $18.19 billion in revenue for the quarter.
Brian Cornell, board chair and CEO of Target, commented:
With eleven consecutive quarters of positive comparable sales growth, driven by healthy performance in both our stores and digital channels, Target’s results demonstrate that we’ve built a sustainable business model that drives strong topline growth and consistent bottom line performance. The strategic investments we’ve made over the past several years to elevate the shopping experience, curate our multi-category assortment at scale, and deliver ease and convenience through our fulfillment capabilities are deepening our relationship with our guest. As we look ahead to 2020 and beyond, we are well positioned to build on this strong foundation to further differentiate Target and drive long-term, profitable growth.
Target stock closed Monday at $109.06 a share, in a 52-week range of $70.03 to $130.24. The consensus price target is $134.59. Following the announcement, the share price was up less than 1% at $109.50 in early trading indications Wednesday.