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Target Raises 2015 Earnings Forecast after Profit Jumps

Target Corp. on Wednesday reported a larger-than-expected rise in quarterly earnings as revenue got a boost from online sales and a program to narrow its product focus.
Source: Reuters
By
  • Reuters

CHICAGO, United States — Target Corp. on Wednesday reported a larger-than-expected rise in quarterly earnings as revenue got a boost from online sales and a program to narrow its product focus.

The fourth-largest U.S. retailer also raised its full-year earnings forecast for the second time, and its shares jumped 4.7 percent to $84.10 in pre-market trading.

Excluding special items, earnings rose to $1.22 per share in the second quarter ended on Aug. 1 from $1.01 a year earlier.

Net sales rose 2.8 percent to $17.4 billion.

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Analysts on average expected per-share profit of $1.11 on sales of $17.4 billion, according to Thomson Reuters I/B/E/S.

Target said sales at stores open at least a year rose 2.4 percent, beating the market consensus of 2.2 percent, according to research firm Consensus Metrix. Digital sales increased 30 percent and contributed 0.6 percentage points to comparable sales growth.

For the full year, the retailer said it expected earnings of $4.60 to $4.75 per share, excluding special items, against its previous outlook of $4.50 to $4.65. Analysts on average expect $4.62, according to Thomson Reuters I/B/E/S.

Under Chief Executive Officer Brian Cornell, Target has focused on promoting a narrower set of products, or "signature categories," that include apparel and items for children, babies and health and wellness.

By Nandita Bose; editor: Lisa Von Ahn.

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