Target's adj. profit beats Wall Street's view

A Target store logo seen in Miami.
AP Photo/Wilfredo Lee

MINNEAPOLIS Target's (TGT) fiscal fourth-quarter net income dipped 2 percent as it dealt with intense competition during the crucial holiday season. But its adjusted results beat analysts' estimates and it forecast first-quarter earnings above Wall Street's view.

Shares rose almost 2 percent in premarket trading Wednesday.

The Minneapolis-based company earned $961 million, or $1.47 per share, for the period ended Feb. 2. That's down from $981 million, or $1.45 per share, a year earlier.

Removing certain items, earnings were $1.65 per share. That tops analysts' forecast for earnings of $1.47 per share.

Revenue climbed 7 percent to $22.73 billion from $21.29 billion. This met Wall Street's expectations.

Target Corp. foresees first quarter adjusted earnings of $1.10 to $1.20 per share.

Analysts predict earnings of $1.05 per share.