Target (TGT) shares surged over 11% in early trading Tuesday as the company posted stronger-than-expected earnings for the fourt൲h quarter of fiscal 2023.

The retail giant reported 澳洲幸运5官方开奖结果体彩网:net income of $1.38 billion, up 57.8% from the fourth quarter of 2022 and well above Target’s own guidance and analyst estimates compiled by Visible Alpha. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) at $2.98 also surpassed estimates as revenue rose 1.7% from a year ago to $31.9 billion, beating projections.

The company said that the higher profit came in part as a result of lower costs and improved inventory management, and outlined plans to introduce a new membership program as part of its Tꦚarget Circ꧅le rewards program.

For the full year, the retailer reported a 1.6% decrease in total revenue to $105.8 billion from $107.6 billion in 2022, as 澳洲幸运5官方开奖结果体彩网:comparable sales fell 3.7%.

Target issued guidance for the𓂃 current quarter projecting a comparable sales decline of 3% to 5%, ♉along with EPS of $1.70 to $2.10.

Shares of Target we🅺re up 11.8% at $168.24 as of 9:40 a.m. ET Tuesday. T⛎hey’ve gained close to 18% so far this year.