Investing.com - U.S. retail giant Target Corporation (NYSE:TGT) reported better-than-expected fourth quarter earnings and revenue figures early on Wednesday, sending its shares higher in pre-market trade.
Target said adjusted earnings per share came in at $1.50 cents in the fourth quarter, beating expectations for adjusted earnings of $1.46 cents per share.
In fourth quarter, Target recognized a pre-tax loss of $5.1 billion related to its discontinued Canadian operations, resulting in a $5.59 loss per share.
The company’s fourth quarter revenue totaled $21.75 billion, above forecasts for revenue of $21.63 billion.
Fourth quarter comparable sales growth of 3.8% was better than the expected reading of 3.1%.
"We're pleased with our fourth quarter financial results, which were driven by better-than-expected sales and particularly strong performance in our signature categories-style, baby, kids and wellness," said Brian Cornell, chairman and chief executive officer of Target Corporation.
In first quarter 2015, Target expects adjusted earnings per share of $0.95 to $1.05, compared with $0.92 in first quarter 2014.
Following the release of the report, Target shares rallied 1.85% in pre-market trade to $78.37 from a closing price of $76.95 on Tuesday.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow futures pointed to a loss of 0.1% at the open, the S&P 500 futures indicated a decline of 0.1%, while the Nasdaq 100 futures slipped 0.1%.