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Target Corp. (TGT) Up on Raised View, Q3 Earnings In Line

Zacks Equity Research
Updated

Target Corp. TGT, department store retailer, came out with third-quarter fiscal 2015 results, wherein adjusted earnings of 86 cents per share came in line with the Zacks Consensus Estimate and cruised ahead of the company’s guidance range. Earnings per share also jumped 8.6% year over year.

Following the better-than-expected results, Target raised the lower end of its earnings outlook for fiscal 2015. It now envisions adjusted earnings in a band of $4.65 - $4.75 per share versus the previous guidance of $4.60 - $4.75. For the fourth quarter fiscal 2015, the company expects adjusted earnings per share in the range of $1.48–$1.58.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2015 has been largely stable in the last 30 days. In the trailing four quarters, including quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 4.9%.

Revenues: Target generated net sales of $17,613 million that increased 2.1% year over year but fell short of the Zacks Consensus Estimate of $17,632 million. Comparable store sales climbed 1.9% during the quarter, which is near the higher end of the company’s guidance, driven by traffic growth.

Key Events: Target returned about $1,294 million to its shareholders in the form of share repurchases and dividend payments. The company bought back shares worth $942 million and paid dividends of $352 million in the reported quarter.

Zacks Rank: Currently, Target carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.

Stock Movement: Target’s shares are up 1.36% in pre-market trading hours as the company raised the lower end of its earnings guidance for fiscal 2015 and provided an optimistic fourth quarter outlook.

Check back later for our full write up on Target’s earnings report!

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TARGET CORP (TGT): Free Stock Analysis Report
 
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Zacks Investment Research