UPDATE: Target Posts Upbeat Q4 Profit

Target (NYSE: TGT) reported a 2% drop in its fiscal fourth-quarter profit.

Target's quarterly profit declined to $961 million, from $981 million, in the year-ago period. Its per-share profit rose to $1.47 per share from $1.45 per share.

Its sales climbed 6.8% to $22.37 billion. Excluding items, Target earned $1.65 per share, versus estimates of $1.47 per share.

Target expects adjusted profit this year of $4.85 to $5.05 per share. It projects profit of $1.10 to $1.20 per share for the first quarter. However, analysts were expecting a Q1 profit of $1.05 per share and full-year profit of $4.87 per share.

Target shares fell 2.42% to $62.50 in pre-market trading.

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