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Target tops 1Q profit forecasts

MINNEAPOLIS – MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal first-quarter earnings of $632 million.

The Minneapolis-based company said it had profit of $1.05 per share. Earnings, adjusted for one-time gains and costs, were $1.29 per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.

The retailer posted revenue of $16.2 billion in the period, which missed Street forecasts. Four analysts surveyed by Zacks expected $16.31 billion.

For the current quarter ending in August, Target expects its per-share earnings to range from $1 to $1.20. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.38.

Target shares have increased slightly more than 1 per cent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has declined 6 per cent 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 http://www.zacks.com/ap/TGT

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Keywords: Target, Earnings Report, Priority Earnings