MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal third-quarter profit of $714 million.
The Minneapolis-based company said it had profit of $1.39 per share. Earnings, adjusted to account for discontinued operations and non-recurring gains, came to $1.36 per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.19 per share.
The retailer posted revenue of $18.67 billion in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $18.47 billion.
For the current quarter ending in January, Target expects its per-share earnings to range from $1.54 to $1.74. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.17.
The company said it expects revenue in the range of $1.6 million to $1.8 million for the fiscal fourth quarter.
Target expects full-year earnings in the range of $6.25 to $6.45 per share.
Target shares have climbed 68% since the beginning of the year, while the Standard & Poor’s 500 index has risen 24%. The stock has climbed 43% 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
