(Reuters) -Target on Tuesday reported higher holiday-quarter earnings on a smaller-than-expected sales decline and predicted that annual comparable sales would come in largely above Wall Street expectations, sending its shares up 10% in early trade. Target plans to launch a new membership feature called Target Circle 360 next month, CEO Brian Cornell said in an earnings call, which would offer shoppers unlimited same-day delivery. Target reported adjusted earnings of $2.98 per share in the fourth quarter, compared to $1.89 per share in the same period a year earlier.
General merchandise retailer Target (NYSE:TGT) reported results in line with analysts' expectations in Q4 FY2023, with revenue up 1.7% year on year to $31.92 billion. It made a non-GAAP profit of $2.98 per share, improving from its profit of $1.89 per share in the same quarter last year.
Target beat analyst estimates on Q4 sales and earnings as it works towards a brighter 2024.
