Investing.com - U.S. retail giant Target (NYSE:TGT) reported lower-than-expected second quarter earnings, despite beating on revenue figures, it announced early on Wednesday.
Target said adjusted earnings per share came in at $0.78 cents in the second quarter, missing expectations for adjusted earnings of $0.79 cents per share.
The company’s second quarter revenue totaled $17.4 billion, above forecasts for revenue of $17.2 billion.
Target’s second quarter U.S. comparable sales were flat, in line with expectations.
"While results from the quarter didn't meet our expectations, we are seeing some early signs of progress as we work to improve results in the U.S. and Canada," said John Mulligan, executive vice president and chief financial officer of Target Corporation.
In third quarter 2014, the company expects adjusted earnings per share of $0.40 cents to $0.50 cents, reflecting data breach-related expenses.
Target now expects full-year 2014 adjusted earnings of $3.10 to $3.30, compared with prior guidance of $3.60 to $3.90.
Following the release of the report, Target Corporation (NYSE:TGT) shares declined 2.8% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow 30 pointed to a loss of 0.15% at the open, the S&P 500 dipped 0.2%, while the Nasdaq 100 indicated a decline of 0.15% at the open.