Investing.com - U.S. retail giant Target (NYSE:TGT) reported better-than-expected third quarter earnings and revenue figures early on Wednesday, sending its shares higher in pre-market trade.
Target said adjusted earnings per share came in at $0.54 cents in the third quarter, beating expectations for adjusted earnings of $0.47 cents per share.
The company’s third quarter revenue totaled $17.73 billion, above forecasts for revenue of $17.56 billion.
Third quarter U.S. comparable sales growth of 1.2% was better than the expected range of flat to 1%.
"We're pleased with our third quarter financial results, which were driven by better-than-expected performance in our U.S. Segment," said Brian Cornell, chairman and chief executive officer of Target Corporation.
In fourth quarter 2014, the company expects adjusted EPS of $1.13 to $1.23, reflecting operating results in its U.S. and Canadian Segments.
Target now expects full-year 2014 adjusted earnings of $3.15 to $3.25, compared with prior guidance of $3.10 to $3.30.
Following the release of the report, Target (NYSE:TGT) shares rallied 3.4% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was mildly lower. The Dow futures pointed to a loss of 0.1% at the open, the S&P 500 futures indicated a decline of 0.1%, while the Nasdaq 100 futures slipped 0.1%.
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Target jumps 3.4% in pre-market after Q3 earnings beat
Published 11/19/2014, 08:07 AM
Updated 11/19/2014, 08:07 AM
Target jumps 3.4% in pre-market after Q3 earnings beat
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