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Shares of the Minneapolis-based retailer rose 4 percent in
premarket trading and were on track to open at a near one-year
high of $69.89 on Tuesday.
The company said it expects fourth-quarter adjusted earnings of
$1.30 to $1.40 per share, compared with a previous forecast of
$1.05 to $1.25.
Target said the forecast includes a 6 cent to 8 cent benefit
from a lower corporate tax rate in January from the
recently-enacted federal tax reform legislation.
Analysts on average expect the company to post a profit of $1.22
per share, according to Thomson Reuters I/B/E/S.
The retailer also raised its same-store sales growth forecast
for the fourth quarter ending January to 3.4 percent from flat
to up two percent earlier.
The company said same-store sales in the two months saw strong
gains in all five of its core merchandise categories: home,
apparel, food & beverage, hardlines and essentials.
(Reporting by Siddharth Cavale and Vibhuti Sharma in Bengaluru;
Editing by Bernard Orr)
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