Target Corp quarterly sales beat estimates

Wed Nov 19, 2014 8:10am EST
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Nov 19 (Reuters) - Target Corp, the fourth-largest U.S. retailer, reported better-than-expected quarterly sales, helped by a 1.2 percent rise in same-store sales in the United States.

Target shares rose 3.4 percent to $69.78 premarket.

Last week Wal-Mart Stores Inc, the largest U.S. retailer, reported its first rise in U.S. same-store sales in seven quarters, helped by the drop in gasoline prices.

Target now expects adjusted earnings of $3.15-$3.25 per share for the year ending January, compared with its previous forecast of $3.10-$3.30 per share.

The company has had to resort to price cuts to attract cash-strapped consumers and win back customers unsettled by a huge holiday-season data breach last year.

Target's net income rose to $352 million, or 55 cents per share in the third quarter ended Nov. 1, from $341 million, or 54 cents per share, a year earlier.

Excluding items, the company earned 54 cents per share.

Total sales rose 2.7 percent to $17.73 billion.

Analysts on average were expecting revenue of $17.56 billion, according to Thomson Reuters I/B/E/S.   Continued...