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Target (TGT) Q3 Earnings Up 15 Pct, Guides Above Consensus

 November 15, 2012 08:06 AM
 


 

(By Balachander) Target Corp. (NYSE: TGT) posted an increase in quarterly earnings, helped by higher sales and a sales gain and the discount chain guided fourth-quarter above consensus.

On an adjusted basis, earnings per share (EPS) grew 4.3 percent to 90 cents for the third quarter ended October.

Net earnings increased 15 percent to $637 million. Results included a 15-cent gain from the pending sale of the company's credit-card receivables portfolio.

Total revenue rose 3.2 percent to $16.93 billion and sales gained 3.4 percent. Credit card revenue declined 5.8 percent.

Wall Street analysts, on average, expected TGT to earn 79 cents a share on sales of $16.93 billion.

[Related -Check Point Software Technologies Ltd. (NASDAQ:CHKP): What Could Drive Check Point In 2014?]

U.S. Retail segment sales grew 3.4 percent on a 2.9 percent rise in comparable-store sales and contribution from new stores.

Looking ahead for the fourth quarter, the Minneapolis-based company expects adjusted EPS in the range of $1.64 to $1.74, while analysts expect $1.51.

The stock, which has been trading in the 52-week range of $47.25 to $65.80, ended at $61.38 on Wednesday.

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