Retailer Target surprised Wall Street on Tuesday morning with an earnings report that beat expectations from both analysts and the company's own leaders.
Target said it earned $876 million, or $1.89 cents a diluted share, from November through January. It was considerably better than the $1.40 analysts forecasted. Its fourth quarter revenue of $31.4 billion, a change of a little more than 1% from the year before, was also higher than expected ($30.7 billion). Target shares were up more than 2% in midday trading Tuesday.
Yet profits for the general merchandiser still plunged 60% this past fiscal year compared to the year before from $6.9 billion to around $2.8 billion, as the store has weathered more discerning shoppers amid high inflation.
