Target's online digital sales growth drives strong 4Q results
Target said Tuesday it booked its best fourth-quarter comparable store sales in a decade, as the Minneapolis-based retailer beat Wall Street expectations on both profit and sales thanks to strong online sales.
The company earned $1.53 per share on sales of $22.98 billion. Analysts expected $1.52 per share on sales of $22.91 billion.
Comparable-store sales were up 5.3 percent on traffic growth of 4.5 percent.
Target's full-year 2018 results were also strong, as the company earned $5.39 per share and comparable digital sales surged 36 percent. It was the fifth year in a row that Target's comparable digital sales rose more than 25 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 154.99 | -0.73 | -0.47% |
Comparable sales grew 5.3 percent in the fourth quarter. Stores comparable sales grew 2.9 percent in the fourth quarter, while comparable digital sales grew 31 percent, contributing 2.4 percentage points to comparable sales growth.
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"We're very pleased with our fourth quarter performance, which capped off an outstanding year for Target. Thanks to the dedication of Target's team, we delivered our strongest traffic and comparable sales growth in well over a decade, and our 2018 Adjusted EPS set a new all-time record for the Company," Brian Cornell, chairman and chief executive officer of Target, said in a statement.