3 NEW YORK (AP) — Target pushed through headwinds — from inflation to congested ports — to deliver solid results for the three-month period that included the crucial holiday shopping season. Fourth-quarter profit rose nearly 12%, sales increased 9.4% and the Minneapolis retailer on Tuesday released an upbeat revenue outlook for 2022. Retailers are facing rising costs for everything from labor to shipping as supply chain backups hit companies worldwide. Target, because of its size, was able to charter vessels and fill its shelves ahead of the holiday shipping crunch. Yet Target was not unscathed and cost pressures from 2021 are carrying over into this year. Gross margins fell from 26.8% during the fourth quarter of 2020, to 25.7% in the most recent quarter. And Target said Tuesday that margins in the first quarter will be lower last year. That did not phase investor who drove shares up more than 12% before the opening bell. Target’s advantage competing against massive rivals can be found in its 1,900 stores, which have become become the equivalent to Amazon’s "fulfilment centers." Aisles have been filling with shoppers again as the pandemic wanes and behind the scenes, online orders are taken, goods are packed… Read full this story
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