NEW YORK (AP) 鈥� Sales and profits slipped for Target during the crucial holiday quarter as customers held back on spending and the company said there will be 鈥渕eaningful pressure鈥� on its profits to start the year because of tariffs and other costs.
The retailer beat most estimates however, and shares rose more than 5% before the opening bell.
Target reported net income of $1.1 billion, or $2.41 per share, far better than the $2.26 that Wall Street was expecting, according to a survey by FactSet. That is down from the $1.38 billion profit the company reported in the same period last year, though the most recent quarter had one fewer week.
Sales fell to $30.91 billion from $31.9 billion in the year-ago period, but also beat expectations.
Comparable sales 鈥� those from stores and digital channels operating for at least 12 months 鈥� rose 1.5%. That was higher than the 0.3% gain during the third quarter. Target posted a 2% gain in the second quarter and a 3.7% drop in the first quarter.
Anne D'innocenzio, The Associated Press
