Target meets 3Q profit forecasts
MINNEAPOLIS (AP) — Target Corp. (TGT) on Wednesday reported fiscal third-quarter profit of $549 million.
On a per-share basis, the Minneapolis-based company said it had net income of 87 cents. Earnings, adjusted for one-time gains and costs, were 86 cents per share.
The results met Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was also for earnings of 86 cents per share.
The retailer posted revenue of $17.61 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $17.63 billion.
For the current quarter ending in January, Target expects its per-share earnings to range from $1.48 to $1.58. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.54.
The company expects full-year earnings in the range of $4.65 to $4.75 per share.
Target shares have declined 4 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has climbed roughly 9 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGT at http://www.zacks.com/ap/TGT
Keywords: Target, Earnings Report, Priority Earnings