by Siddharth Cavale and Savyata Mishra
(Reuters) – Target reported a rise in fourth-quarter profit on Tuesday despite a decline in revenue and gave a 2024 like-for-like sales forecast well above expectations, sending its stock higher pre-stock market.
The retailer reported adjusted earnings of $2.98 per share for the November-January quarter, which includes the crucial holiday season, compared with $1.89 per share a year earlier. year earlier.
Consumer spending from “Black Friday” and “Cyber Monday” helped boost sales in the quarter, the company said, even as the inflationary backdrop increasingly weighs on consumer demand.
Like-for-like sales fell 4.4% in the fourth quarter, compared to a decline of 4.6% expected by analysts. Online sales fell by 0.1%, a marked improvement compared to the 6% decline recorded in the previous quarter.
For 2024, Target expects adjusted earnings between $8.60 and $9.60 per share.
Like-for-like sales are expected to be stable or increasing by up to 2%, while analysts on average were expecting an increase of 0.86%.
On the New York Stock Exchange, Target shares climbed 6% in pre-market trading.
(Reporting Savyata Mishra in Bengaluru and Siddharth Cavale, Alban Kacher, edited by Blandine Hénault)
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