Target tops Street 3Q forecasts
Minneapolis — Target Corp. on Wednesday reported fiscal third-quarter net income of $352 million.
The Minneapolis-based company said it had profit of 55 cents per share. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The retailer posted revenue of $17.73 billion in the period, also topping Street forecasts. Analysts expected $17.53 billion, according to Zacks.
For the current quarter ending in January, Target expects its per-share earnings to range from $1.13 to $1.23. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.24.
The company expects full-year earnings in the range of $3.15 to $3.25 per share.
Target shares have climbed almost 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 11 percent. The stock has increased almost 2 percent in the last 12 months.