Shares of Target Corp. seesawed to a slight gain Tuesday, after the discount retailer reported beat fiscal fourth-quarter earnings that beat expectations and a surprise increase in revenue, but provided a downbeat profit view.
“We’re pleased that our business delivered comparable sales growth in the fourth quarter, in what continues to be a very challenging environment,” said Chief Executive Brian Cornell. “Strength in Food & Beverage, Beauty and Household Essentials offset ongoing softness in discretionary categories.” It was the shedding of excess inventory that led higher discounting and earnings misses in the past three quarters.
Premoniter of things to come.
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