LONDON (ShareCast) - (Sharecast News) - Retailer Target said on Tuesday that same-store fourth-quarter sales had grown 8.9% despite supply chain pressures and said it expects to see revenue growth in the mid-single-digits and adjusted earnings per share in the high single-digits from fiscal 2023 onwards.
Target said total revenue increased to $31.0bn year-on-year, slightly shy of analysts' expectations for a print of $31.39bn, with net income up roughly 12% to $1.54bn. Earnings per share came in at $3.19 each, ahead of estimates for a reading of $2.86.

Comparable sales increased 8.9% in the fourth quarter, short of the 10.5% gain expected on the Street, while combined traffic online and in stores increased 8.1% but average transaction value ticked up less than 1% year-on-year.

For 2023 and beyond, Target now anticipates annual revenue growth in the mid-single-digits as it expects sales to rise, despite shoppers watching the price of food, fuel and other goods inch higher, and said adjusted earnings per share were predicted to increase in the high single-digits

The Minnesota-based firm added that it plans to spend $4.0bn-5.0bn on capex each year.

As of 1250 GMT, Target shares were had surged 10.80% in pre-market trading to $221.35 each.

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