Target Corp. (TGT) is based in Minneapolis and serves the clients at approximately 2,000 stores and online. The purpose of the company is to help the families discover the joy of routine life. It was established in 1946 and has given 5% of its profit to under-served communities.
The price of TGT stock during the regular trading on February 28, 2022, was $199.7 with an increase of 0.28%. At last check in the current market on March 1, 2022, the stock took a leap by 11.38% to $222.50.
TGT: Key Financials
On March 1, 2022, TGT released its unaudited financial outcomes for the fourth fiscal quarter of 2021 ended January 29, 2022. Some of the key highlights are discussed below.
Revenue
Total revenue in Q4 2021 was $30.9 billion against $28.3 billion in the same quarter the prior year. The company reported an increase of $2.6 billion in its quarterly revenue over the year. Also, it missed the analysts’ estimates of $31.38 billion in revenue.
EPS
Diluted net income in Q4 2021 was $1.54 billion or $3.21 per share versus $1.38 billion or $2.73 per share for the same period in 2020. The company observed a rise in its net income over the year. The company topped the EPS estimates of $2.80.
TGT: CEO Comments
Speaking at the occasion, TGT CEO Brian Cornell stated that the company’s strong Q4 performance topped off 2021 as the year of record growth, strengthening its business model durability and profitable growth confidence. He further added that the company will keep investing and delivering the best services to its clients.
TGT: Events and Happenings
On February 28, 2022, TGT reported about its plans to set a new early wage range and increase the health care benefits access for its employees and their families. Therefore, the company is on its way to achieving another milestone in its long-standing commitment to its team members.
On February 23, 2022, TGT updated on its plans to continue improving its same-day pickup services in the winters of 2022. The company will begin checking the option for clients in chosen localities to add a Starbucks order or make a return within the company’s contactless curbside platform via its app.
Conclusion
TGT stock outperformed by 7% in the past year. The recent stock swell is due to its financial statement release as it topped the EPS estimates but missed the revenue target.
