Target shares pop more than 12% as retailer boosts profits

Target exceeded Wall Street’s expectations in both revenue and earnings for the holiday quarter, leading to a nearly 12% increase in the Minneapolis-based retailer’s shares.

Despite showcasing improvements in profitability and margins, Target anticipates another year of sluggish sales.

Although Target’s comparable sales registered a third consecutive quarter of decline, the company’s overall performance was notable.

The crucial metric, encompassing digital sales and adjusting for store-related factors, dropped by 4.4% in the fiscal fourth quarter.

Target remains cautious about a rapid sales recovery, CNBC reported.

READ MORE: https://www.cnbc.com/2024/03/05/target-tgt-earnings-q4-2023.html

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