Target shares surge as retailer says it can keep growth going beyond the pandemic
Target will report fourth quarter earnings before the bell and hold its first in-person investor day since the start of the pandemic on Tuesday.
The big-box retailer is expected to get a boost from the holiday season, as Americans spent a record amount at retailers in November and December. It has gained market share and picked up new customers during the pandemic, as shoppers turned to its stores and website to get a range of merchandise, from groceries to sweatpants, in one transaction. Its e-commerce business has grown a lot over the past two years, too, as shoppers retrieved online orders with curbside pickup and got home deliveries through Target-owned Shipt.
Now, the company must show it can compete for consumers’ time and money, as people juggle other spending priorities in a reopening world and feel the sting of inflation.
Investors will listen for Target’s outlook and more details on its strategy on Tuesday at an event in New York City.
Here’s what analysts are expecting for the fiscal fourth quarter ended Jan. 29, according to Refinitiv consensus estimates:
Earnings per share: $2.86, expectedRevenue: $31.39 billion expected
Target’s shares have risen about 7% over the past year, as of Monday’s close. Shares closed at $199.77 on Monday, up less than 1%. The company’s market value is $95.71 billion.
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