Target reported another quarter of declining sales and profits as it as the retailer struggles to regain its footing with its customers contending with higher prices almost everywhere.
But the Minneapolis company on Tuesday offered a solid annual profit outlook that was better than Wall Street had been projecting, It also said it believes net sales with grow every quarter this year.
Target also said comparable-store sales rose to start the current quarter.
Shares jumped more than 4% before the opening bell.
The company earned $2.30 per share, or $1.05 billion, for the three-month period ended Jan. 31. That compares with $2.41 per share, or $1.10 billion, during the year-ago period. Adjusted earnings per share for the most recent quarter was $2.44.
Sales fell 1.5% to $30.45 billion during the latest period. For the full year, sales fell nearly 2% to $104.78 billion.
Analysts were expecting $2.16 per share on sales of $30.46 billion, according to a survey by FactSet.
