Target shares surged Tuesday after the retailer reported 9% sales growth in the fourth quarter, despite supply chain pressures, and said it’s poised to keep that momentum going.
The discounter said it expects sales to rise, even as shoppers see prices of food, fuel and other goods creep higher. It forecast revenue growth in the low to mid single-digits and projected adjusted earnings per share to rise by high single-digits. Those are above analysts’ expectations, according to Refinitiv.
Shares are up about 13% in premarket trading.