Target Posts Stellar Fourth-quarter Results

Retailing giant Target Corp. TGT on Tuesday posted fourth-quarter adjusted earnings per share of $2.67, an all-time quarterly record and well above analysts' estimates of $2.54 per share.

Digital comparable sales for the Minneapolis-based retailer rose by 118% over the year-earlier period. Digital accounted for two-thirds of the company's overall comp growth in the quarter, Target said. Comparable store sales rose 6.9%, the company reported.

Target's same-day services, which include pickups of online orders at stores, drive-up pickups and its Shipt delivery services, rose 212% year-over-year. More than 95% of Target's fourth-quarter sales were fulfilled by its stores, according to the company.

For the full year, revenue grew more than $15 billion to $92.4 billion. The 2020 top-line increase was more than the combined gains of the past 11 years, Target said.

For the quarter, revenue rose 21.1% to $28.3 billion, operating income jumped 53.2% to $1.83 billion and net income soared 65.6% to $3.3 billion, Target said.

Target shares rose 3% in early trading Tuesday, but then turned sharply lower by late morning.