Target (NYSE:TGT) reportedly delivered better-than-expected earnings during the critical holiday sales period as the retailer's in-house brands and easy delivery options drew its strongest traffic and same-store sales growth in more than a decade. Investors are to be treated to those good vibes as the markets open Tuesday
The company's adjusted earnings per share hit a new record and its digital sales surged more than 25% for the fifth year in a row, even as its net income slid 26.5%.
According to CEO Brian Cornell, "We feel great about the progress, the investments that we've made in the stores, our brands and importantly in our team have paid off. And I think that we saw that in our full year 2018 results, but more importantly the guidance for next year."
Earnings per share, adjusted, sat at $1.53 vs. $1.52 expected. Revenues were $22.98 billion vs. $22.96 billion expected. Same-store sales improved 5.3% vs. growth of 5.1% expected
On an unadjusted basis, net income fell 26.5% to $799 million, or $1.52 a share, during its fiscal fourth quarter ended Feb. 2 from $1.1 billion, or $1.99 a share, during approximately the same time the year before, which included one less week.
Looking to fiscal 2019, Target says it anticipates a low-to-mid single digit increase in same-store sales, and a mid-single digit increase in net income.
It's calling for adjusted earnings of between $5.75 and $6.05 per share. Analysts had been expecting earnings per share of $5.61.
Shares started Tuesday hiked $1.75, or 2.4%, to $74.42
