Another retailer, Target, reports booming holiday sales

Target is joining other retailers in reporting booming sales with shoppers returning in force during the critical holiday season.

The company, also citing recently-enacted federal tax changes, raised quarterly and full-year profit expectations, sending shares up 4 percent in premarket trading Tuesday.

Target Corp., based in Minneapolis, now foresees fourth-quarter adjusted earnings of $1.30 to $1.40 per share. Its prior guidance was $1.05 to $1.25 per share. For the year, Target now expects earnings of $4.64 to $4.74 per share. Previously it predicted earnings of $4.40 to $4.60 per share.

Analysts surveyed by FactSet expect fourth-quarter per-share earnings of $1.22, and of $4.56 for the full year.

Kohl’s Macy’s and J.C. Penney have all reported strong holiday sales in the past week.