|
Shares of the company, which also forecast a
higher-than-expected adjusted profit for the full year, were up
2 percent at $75.50 in premarket trading.
Sales at stores open at least 13 months rose 1.9 percent, above
the 1.5 percent increase expected by analysts polled by research
firm Consensus Metrix.
Target reported a net profit of $1.43 billion, or $2.32 per
share, for the fourth quarter ended Jan. 30, compared with a
loss of $2.64 billion, or $4.10 per share, a year earlier.
However, total sales fell 0.6 percent to $21.63 billion.
Analysts had expected sales of $21.75 billion, according to
Thomson Reuters I/B/E/S.
Wal-Mart Stores Inc <WMT.N> reported sales below market
estimates last week, hurt by falling food prices and a pullback
in consumer spending on discretionary goods.
Target forecast a full-year adjusted profit of $5.20-$5.40 per
share, above the average analyst estimate of $5.16.
(Reporting by Sruthi Ramakrishnan in Bengaluru, Editing by Anil
D'Silva)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
