Shares of Target Corporation (NYSE:TGT) surged over 8% in pre-market today following the release of its Q4 results, with earnings per share (EPS) of $2.98 coming in above the analyst’s prediction of $2.41. The company’s revenue for the quarter stood at $31.9 billion, slightly above the consensus forecast of $31.83 billion.
Target experienced a 4.4% decrease in total comparable sales for the November to January period, which was slightly better than the expected 4.6% drop, partly due to a resurgence in Target.com sales. Online sales declined by 0.7% in the fourth quarter, marking an improvement from the 6% decrease observed in the previous quarter.
For fiscal 2024, the company anticipates an EPS range of $8.60 to $9.60, beating the Street estimate of $8.44.