UPDATE: Target Posts Upbeat Q4 Profit, Issues Strong Forecast

Target Corp (NYSE: TGT) posted a decline in its fourth-quarter profit.

Target's quarterly profit dropped to $981 million, or $1.45 per share, from $1 billion, or $1.45 per share, in the year-earlier period. Target's adjusted profit came in at $1.49 per share. Its sales gained 3.3% to $20.9 billion. However, analysts were expecting earnings of $1.40 per share on sales of $21.2 billion.

Target projects adjusted Q1 profit of $0.97 to $1.07 per share, versus analysts' estimates of $0.96 per share. Target expects full-year adjusted earnings of $4.55 to $4.75 per share, versus analysts' estimates of $4.28 per share.

Target shares gained 0.43% to $53.20 in pre-market trading.