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Target (TGT ) reported its fourth quarter results before the opening bell on Wednesday morning, posting higher adjusted earnings than last year, despite its $5.1 billion pre-tax loss related to its discontinued Canadian operations.
Target’s chairman and CEO Brian Cornell had the following comments: “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. We’re seeing early momentum in our efforts to transform Target, and our team is entering the new fiscal year with a singular focus on continuing to differentiate our merchandise assortment and shopping experience while controlling costs by reducing complexity and simplifying the way we work. We’re confident that these efforts will allow us to grow our earnings while returning cash to our shareholders in 2015 and beyond, driving improvements in Target’s return on invested capital and creating long-term value for our shareholders.”
Target will pay its next quarterly dividend of 52 cents on March 10. The stock went ex-dividend on February 13.
TGT stock was down 5 cents, or 0.6%, in pre-market trading. YTD, the stock is up 1.37%.