Reports Q4 adjusted EPS of 2.98, above estimates
Comparable sales decline but also beat LSEG forecasts
Stock jumps 12, has outperformed Walmart since 2019
CEO says launching Target Circle 360 membership on April 7
Target to open 300 new U.S. stores, remodel existing ones

March 5 Reuters Target on Tuesday reported higher holidayquarter earnings on a smallerthanexpected sales decline and predicted that annual comparable sales would come in largely above Wall Street expectations, sending its shares up 12.

The mass merchandiser is banking on sameday services, product launches and a new membership program to boost spending at its stores.

Target plans to launch a membership feature called Target Circle 360 next month, which would offer shoppers unlimited sameday delivery, CEO Brian Cornell said on an earnings cal

Target reported adjusted earnings of 2.98 per share in the fourth quarter, compared to 1.89 per share in the same period a year earlier. Analysts on average expected 2.42 per share, according to LSEG estimates.

Total comparable sales in the November to January period fell 4.4 compared with the 4.6 decline analysts were expecting, in part due to a sales recovery on Target.com. Online sales fell 0.7 during the fourth quarter, an improvement from the 6 decline in the previous quarter.

Robust Black Friday and Cyber Monday spending helped drive holidayquarter sales, the company said, and shoppers gravitated to newlylaunched collections such as Kendra Scott…