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Target, the fourth-largest U.S. retailer, also raised the lower
end of its earnings forecast for its fiscal year. It said it
expected earnings of $4.65 to $4.75 per share, excluding special
items, against its previous outlook of $4.60 to $4.75.
The Minneapolis-based retailer's shares were up 2.8 percent at
$74.36 in premarket trading. At Tuesday's close, they had fallen
nearly 4 percent this year.
Excluding special items, earnings came to 86 cents per share in
the third quarter ended on Nov. 1, compared with 79 cents a year
earlier.
Net sales rose 2.1 percent to 17.6 billion.
Analysts on average expected profit of 85.9 cents per share on
sales of $17.57 billion, according to Thomson Reuters I/B/E/S.
Target said sales at stores open at least a year rose 1.9
percent, beating the market consensus of 1.7 percent, according
to research firm Consensus Metrix.
Digital sales, including online and mobile, increased 20
percent, contributing 0.4 percentage points to comparable sales
growth.
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.
(Reporting by Nandita Bose in Chicago; Editing by Lisa Von Ahn)
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