MINNEAPOLIS (AP) — Strong online sales, traffic growth in newly remodeled stores and expanded delivery options pushed target beyond most expectations in the crucial fourth quarter, when retailers ring up holiday sales.
The Minneapolis retailer reported a 31 percent spike in comparable digital sales Tuesday, and a same-store sales increase of 5.3 percent. That topped the 5 percent analysts polled by FactSet expected.
Traffic grew 4.5 percent in the quarter.
For the three months ended Feb 2, Target Corp. reported $23 billion in revenue, beating the $22.92 billion forecast. It earned $799 million, or $1.52 per share. Its adjusted earnings were $1.53 per share, a penny better than Wall Street expected.
Shares are up almost 6 percent before the opening bell.
