Target lifts 2019 profit guidance
Shares of Target Corp. TGT, -0.40% soared 8.8% toward a record high in premarket trading Wednesday, after the discount retailer reported fiscal third-quarter profit and revenue that rose above expectations, and raised its full-year outlook. Net income for the quarter to Nov. 2 rose to $714 million, or $1.39 a share, from $622 million, or $1.17 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew to $1.36 from $1.
67 billion to beat the FactSet consensus of $18.45 billion, as same-store sales rose 4.5% to exceed expectations of 3.7% growth. For the fourth quarter, Target expects adjusted EPS of $1.64 to $1.74 and same-store sales growth of 3% to 4%, compared with the FactSet consensus for EPS of $1.65 and same-store sales growth of 3.3%. For 2019, Target raised its adjusted EPS guidance range to $6.25 to $6.45 from $5.90 to $6.20. The stock has run up 67.
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