Target reported that net income for the quarter to Jan. 28 fell to $876 million, or $1.89 a share, from $1.54 billion, or $3.21 a share, in the same period a year ago. $TGT saw a slight gain Tuesday:
Shares of Target Corp. seesawed to a slight gain Tuesday, after the discount retailer reported beat fiscal fourth-quarter earnings that beat expectations and a surprise increase in revenue, but provided a downbeat profit view.
“We’re pleased that our business delivered comparable sales growth in the fourth quarter, in what continues to be a very challenging environment,” said Chief Executive Brian Cornell. “Strength in Food & Beverage, Beauty and Household Essentials offset ongoing softness in discretionary categories.” It was the shedding of excess inventory that led higher discounting and earnings misses in the past three quarters.
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