Target trims FY forecast as Q3 comparable sales fall short

Thu Nov 21, 2013 7:47am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Nov 21 (Reuters) - Target Corp on Thursday reported comparable sales rose a smaller than expected 0.9 percent in the third quarter, blaming what it called "constrained" consumer spending, and it lowered its full year profit forecast.

Target, which competes against Wal-Mart Stores Inc and other discount retailers, earned $341 million, or 54 cents per share, in the fiscal third quarter ended Nov. 2, down from $637 million, or 96 cents per share, a year earlier. On an adjusted basis, the discounter earned 84 cents per share.

Analysts were expecting comparable sales to rise 1.3 percent.

The retailer now expects to earn an adjusted profit per share of $4.59 to $4.69, compared with an earlier range of $4.70 to $4.90. (Reporting by Phil Wahba in New York; Editing by Gerald E. McCormick)