Target (TGT) posted fiscal fourth-quarter earnings results before the market open on Tuesday that beat estimates as consumer spending shifts away from discretionary categories.
The Minneapolis-based retailer saw same-store sales increase by 0.7%, higher than Wall Street estimates of -1.74%. Similar to Walmart’s (WMT) latest quarterly results, consumer spending at Target seemed to shift to essentials like food and away from categories like electronics, home, and apparel.
Target shares jumped by more than 3.5% in pre-market trading after the report’s release.
Source: Finance.Yahoo
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