NEW YORK (AP) – Target is swung back to a profit for the fourth quarter and it’s reporting its sixth consecutive quarter of rising comparable-store sales.
The results Wednesday show that Target has made some progress in reinvigorating its business and winning back shoppers.
Target earned $1.43 billion, or $2.32 per share in the quarter ended Jan. 30. That compares with a loss of $2.64 billion, or $4.10 per share in the year-ago period.
Still, adjusted earnings results were $1.52 per share, which was a bit below the $1.54 per share estimate, according to FactSet.
Revenue slipped 0.6 percent to $21.63 billion on the sale of its pharmacy business to CVS, also a bit shy of Wall Street expectations.
Sales at stores open at least a year rose 1.9 percent.