TARGET Q4 EARNINGS UP, Q1 FORECAST CAUTIOUS
Retail giant Target saw its first earnings increase in eight quarters in Q4, moving up to $1.50 per share (four cents ahead of estimates), with sales up 1.1% to $21.8 billion (ahead of analysts' expectations) and store traffic up 3.2%.
But Target's Q1 forecasts are cautious, and shares declined 0.8% today.
The retailer is still feeling the impact of the security breach that put customers' credit cards in the hands of hackers, with $4 million in expenses from that breach weighing down the most recent quarterly numbers.
Target recently offered free shipping for all orders $25 or orders, upping the ante for competitors like Amazon and Wal-Mart.
More pertinently for our purposes, the chain invested heavily in Imagine Dragons, ponying up $8m for a four-minute Grammy spot featuring a live performance by the band. A Target exclusive version of the band's Smoke + Mirrors (which bowed at #1 on both our charts yesterday) is on sale for $17.99.
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