Holiday Sales Lift Target's Fourth-Quarter Profits


Target, recovering from its failed expansion into Canada, posted earnings for its fiscal fourth quarter that topped analysts’ estimates, lifted by a holiday sales gain.

Though a $5.1 billion writedown of its Canadian operations led to a net loss, Target’s operating profit exceeded projections. Same-store sales measuring comparable transactions gained 3.2% in the period, which ended Jan. 31, the Minneapolis-based company said Wednesday in a statement.

The gains were driven by strong sales in style, baby, kids and wellness, an increase in digital marketing, as well as an industry factors like improved consumer confidence and lower gas prices.

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