Target Beat Q4 Estimates

Target ($TGT@US) released fourth-quarter earnings per share and revenue that beat expectations, as holiday sales rose 1 percent from the same period a year earlier. Earnings per share were $1.89 versus the $1.40 expected, and revenue was $31.4 billion versus the $30.72 billion expected. The retail giant released guidance for 2023 that showed shrinking profit and margins, saying that consumers are scaling back on discretionary items. Target expects full-year earnings per share of between $7.75 to $8.75, falling short of Wall Street’s expectations of $9.23 per share.