Target 3Q profit grows 15 pct, tops Wall Street
Target Corp. says third-quarter net income climbed 15 percent, helped by a gain related to the pending sale of its credit-card business.
The company's outlook for the key holiday shopping season is above analyst expectations.
For the three months ended Oct. 27, the chain says it earned $637 million, or 96 cents per share, from $555 million, or 82 cents per share, a year earlier.
Removing certain items, earnings were 90 cents per share. Analysts expected 78 cents per share, according to FactSet.
Revenue climbed 3 percent to $16.6 billion, but missed Wall Street's $16.91 billion forecast.
Revenue at stores open at least a year, a key retail metric, rose 2.9 percent, slower than last year's 4.3 percent increase.
The stock's down 38 cents to $61 in premarket trading Thursday.
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