Target shares surge as company beats Wall Street estimates

Keep Me Logged InTarget delivered better-than-expected earnings during the critical holiday sales period as the retailer's in-house brands and easy delivery options drew its strongest traffic and same-store sales growth in more than a decade.The company's adjusted earnings per share hit a new record and its digital sales surged more than 25 percent for the fifth year in a row, even as its net income slid 26.5 percent.Shares of the company rose 6 percent in premarket trading."We have been driving an ambitious agenda to transform our company, evolve with our guests and drive strong growth," CEO Brian Cornell said in statement announcing the company's earnings Tuesday. "On every count we've been successful, and as we enter 2019, we will continue to lead the industry by adapting, innovating and delivering more for our guests and shareholders."Here's what Target reported for the fiscal fourth quarter ended Feb. 2 compared with what analysts were expecting, based on average estimates compiled by Refinitiv:On an unadjusted basis, net income fell 26.5 percent to $799 million, or $1.52 a share, during its fiscal fourth quarter ended Feb. 2 from $1.1 billion, or $1.99 a share, during approximately the same time the year before, which included one less week.