MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal second-quarter profit of $938 million.
On a per-share basis, the Minneapolis-based company said it had profit of $1.82.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.
The retailer posted revenue of $18.42 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $18.33 billion.
For the current quarter ending in November, Target expects its per-share earnings to range from $1.04 to $1.24. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.17.
The company expects full-year earnings in the range of $5.90 to $6.20 per share.
Target shares have increased 29% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 16%. The stock has climbed almost 3% in the last 12 months.
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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 https://www.zacks.com/ap/TGT
The Associated Press
