Target Q4 Adj. EPS Tops Estimates - Quick Facts

(RTTNews) - Discount retailer Target Corp. (TGT) on Tuesday reported net earnings for the first quarter of $1.54 billion or $3.21 per share, higher than $1.38 billion or $2.73 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $3.19 per share, compared to $2.67 per share in the prior-year quarter.

Total revenue for the quarter grew 9.4 percent to $31.00 billion from $28.34 billion in the same quarter last year. Total comparable sales grew 8.9 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.86 per share on revenues of $31.39 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2022, the company projects high-single digit growth in adjusted earnings per share on low- to mid-single digit revenue growth. The Street is looking for earnings of $13.30 per share on revenue growth of 2.2 percent to $108.74 billion for the year.

The Company also expects quarterly, year-over-year profit performance will be variable during the year, and generally improve as the year progresses.

Additionally, Target has updated its long-term financial expectations for annual performance in fiscal years 2023 and beyond. It now expects high-single digit growth in adjusted earnings per share on mid-single digit growth in total revenue.