"Target's Stock Surges Despite Sales Decline, CEO Foresees Expansion"
TL;DR
Target's stock surged 11.4% after reporting a fiscal fourth-quarter profit well above expectations, with lower markdowns and shrink costs boosting margins. Chief Growth Officer Christina Hennington noted mixed consumer outlook, with consumers feeling stretched but showing an affinity for style and newness. The company's net income rose to $1.38 billion, with adjusted earnings per share beating expectations. Target expects adjusted EPS of $1.70 to $2.10 for the first quarter and $8.60 to $9.60 for the full year, while also rolling out a new Target Circle membership program to reignite sales and market-share gains.
- Target says consumers 'still feel stretched' as stock surges on Q4 profit beat MarketWatch
- Target Aims for Turnaround After First Sales Decline Since 2016 The Wall Street Journal
- Target shares pop more than 10% as retailer boosts profits, despite lackluster sales forecast CNBC
- Target’s sales fell for the first time in 7 years CNN
- Ramstad: Target CEO sees far more stores in coming decade Star Tribune
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