The fourth quarter saw Target Corp. post earnings that beat a Wall Street estimate although revenues fell short despite strong comparable sales.
For the quarter, net earnings were $1.54 billion, or $3.21 per diluted share, versus, $1.38 billion, or $2.73 per diluted share, in the year-prior quarter, the company reported.
Adjusted for one-time events, earnings per share were $3.19 versus $2.67 in the year-earlier quarter, Target indicated.
Target beat an Yahoo Finance-published analyst consensus estimate of $2.86 per adjusted diluted share but fell short of a revenue estimate of $31.39 billion.
Comparable sales for the quarter increased 8.9% year over year, with transactions up 8.1% and average transactions up 0.7%.
Target posted net sales of $30.62 million and total revenue of $31 billion versus $28 billion and $28.34 billion, respectively, in the year-previous quarter. Operating income was $2.1 billion versus $1.84 billion in the year-before quarter.
For the full year, net earnings were $6.95 billion, or $14.10 per diluted share, versus $4.37 billion, or $8.64 per diluted share, in the year prior, the company stated.
Adjusted earnings per diluted share were $13.56 versus $9.42, Target noted.
Target posted net sales of $104.61 billion and total revenue of $106.01 billion versus $92.4 billion and $93.56 billion, respectively, in the year prior.
With digital representing the rest, store originated sales were 78.2% of the total versus $77.9% in the year-past quarter. For the full year, store originated sales were 81.1% versus 82.1% in fiscal 2020.
“Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth,” said Brian Cornell, Target chairman and CEO in announcing the financial results. “As we look ahead, we’ll keep investing and delivering on all that has earned the loyalty and trust of our guests. That starts with our outstanding team and includes continued differentiation through affordability, assortment, ease and convenience.”
