Target Corp. (NYSE: TGT) released its fiscal fourth-quarter financial results before the markets opened on Tuesday. The retailer posted $1.53 in earnings per share (EPS) and $23.0 billion in revenue, which compares with consensus estimates that were calling for $1.52 in EPS and $22.96 billion in revenue. The same period of last year reportedly had EPS of $1.36 on $22.77 billion in revenue.
Overall, comparable sales grew 5.3% in the fourth quarter. Stores comparable sales grew 2.9%, while comparable digital sales grew 31%, contributing 2.4 percentage points to comparable sales growth.
During the quarter, Target returned $951 million to shareholders through dividends and share repurchases, bringing the total to $3.4 billion for full-year 2018. At the end of the fourth quarter, the company had roughly $1.6 billion of remaining capacity under its current $5 billion share repurchase program.
Looking ahead to the fiscal first quarter, Target expects to see a low- to mid-single-digit increase in comparable sales and EPS in the range of $1.32 to $1.52. Consensus estimates are $1.43 in EPS and $17.38 billion in revenue for the quarter.
Brian Cornell, board chair and chief executive of Target, commented:
We’re very pleased with our fourth quarter performance, which capped off an outstanding year for Target. Thanks to the dedication of Target’s team, we delivered our strongest traffic and comparable sales growth in well over a decade, and our 2018 Adjusted EPS set a new all-time record for the Company. We have been driving an ambitious agenda to transform our Company, evolve with our guests and drive strong growth. On every count we’ve been successful, and as we enter 2019, we will continue to lead the industry by adapting, innovating and delivering more for our guests and shareholders.
Shares of Target closed Monday at $72.67, in a 52-week range of $60.15 to $90.39. The consensus price target is $82.92. Following the announcement, the stock was up about 7% at $77.65 in early trading indications Tuesday.
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.