WMT - Target Reports A Better-Than-Expected Holiday Quarter And Announces Paid Membership Program To Rival Amazon And Walmart | Benzinga
On Tuesday, Target (NYSE: TGT) reported its holiday quarter results, with both top and bottom lines surpassing Wall Street estimates. Despite guiding for another year of weak sales, Target was rewarded for boosting its profit and margins with its shares jumping 12% during morning trading. Moreover, Target unveiled a paid membership program to combat its rivals, Walmart (NYSE: WMT) and Amazon.com Inc (NASDAQ: AMZN).
Fiscal Fourth Quarter Results
For the period ended on February 3rd, revenue grew nearly 2% to $31.92 billion due to a boost from an additional week of sales compared to last year’s comparable quarter, surpassing LSEG’s estimate of $31.83 billion.
Net income expanded by nearly 58% to $1.38 billion, or $2.98 per share, significantly surpassing Target’s own forecast that was in the range between $1.90 and $2.60 per share. Adjusted earnings amounted to $2.98 per share, also surpassing LSEG’s estimate ...