Why Target Stock Surged Today
Shares of Target (NYSE: TGT) jumped 9.9% on Tuesday, after the department store chain delivered stronger-than-expected fourth-quarter results.
Target's revenue rose 9.4% year over year to $31 billion, driven by an 8.1% rise in traffic to its stores. Notably, the retailer's comparable-store sales increased an additional 8.9%, on top of the 20.5% comp growth it achieved in the year-ago quarter.
"Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth," CEO Brian Cornell said in a press release.
Source Fool.com
