Target reports Q4 profit drop of 5.2%, raises full year outlook
Minneapolis -- Target Corp. reported Thursday that profit for the quarter ended Jan. 28 slid 5.2% to $981 million amid heavy holiday promotional activity. But the chain is still forecasting a full-year profit outlook that beats analysts’ expectations. Revenue for the fourth quarter increased 3.3% to $20.94 billion, missing Wall Street’s expected $21.23 billion in revenue. Same-store sales rose 2.2%, below Target expectations. On a conference call with analysts, Target CEO Gregg W. Steinhafel said that the pace of sales after the holiday period has returned to stronger, pre-holiday levels, and sales momentum has built, particularly in discretionary categories.