(Target) Target Corporation stock rose 13% as its revenue in the fourth quarter of 2021 improved by 9.4% to $30.996 billion.
Following the quarterly revenue increase, the total sales in the year 2021 reached $106 billion, up from $93.4 billion.
Target said that its comparable sales increased by 8.9%, on top of 20.5% in the fourth quarter of 2020. Comparable traffic was up 8.1%, on top of 6.5% in the fourth quarter of 2020.
The company reported net earnings of $1.544 billion in the fourth quarter, up 11.9% from the prior year. FY21 net earnings were $6.95 billion, an increase of 59.0% from the previous year.
The company said that its GAAP EPS of $3.21 in the fourth quarter was the highest ever, while the adjusted EPS was reported at $3.19.
In FY22, Target projects revenue growth in the low-to-mid single digits, with an operating margin of 8% and above. The operating margin rate in the first quarter of 2022 is expected to surpass historical averages but remain below the first quarter of 2021.
TGT: NYSE is up +13.88% on premarket.
