US: Target FY profit up, forecasts higher earnings

US retailer Target Corp. has booked an increase in full-year profit and forecast higher earnings for the current fiscal year.

In the 12 months ended 2 February, earnings amounted to US$3m, a 2.4% increase on the prior year period. The increase, the retailer said today (27 February), was despite a “highly promotional retail environment and continued consumer uncertainty”.

Operating profit in the period edged up 0.9% to $5.4m, while net sales climbed 5.1% to $71.96bn.

For the current year, Target forecast adjusted earnings of $4.85 to $5.05 per share, which would exceed the $4.76 it earned last year.

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