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Target earnings exceed estimates as sales grow 21%

Target earnings exceed estimates as sales grow 21%

Mubasher: Earnings of Target surpassed Wall Street’s estimates, as its sales were boosted by a strong holiday season and stimulus checks, CNBC said on Tuesday.

The big-box retailer’s 2020 sales increased by over $15 billion, greater than its total sales growth over the prior 11 years.

Target already reported holiday sales, but its online sales gained momentum into January as Americans received $600 stimulus checks.

The company reported adjusted earnings per share (EPS) of $2.67 for the fiscal fourth quarter ended on 30 January 2021, compared to an expected $2.54.

Meanwhile, revenue hiked by 21% to $28.34 billion from $23.4 billion last year, higher than analysts’ expectations of $27.48 billion.

In the latest period, net income rose by 66% to $1.38 billion or $2.73 per share, from $834 million or $1.63 per share a year earlier.