Target Beats Estimates by a Penny
Target
(TGT) - Get Target Corporation Report
posted third-quarter earnings that beat analysts' expectations by a penny.
Excluding charges, the discount retailer earned $216 million, or 24 cents a share, compared with $241 million, or 26 cents a share, in the same period last year. Nineteen analysts polled by
First Call/Thomson Financial
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expected third-quarter earnings of 23 cents a share.
Revenue for the quarter grew 8.3% to $8.58 billion from $7.93 billion last year, while same-store sales rose 2.9%.
Target also said it repurchased $219 million of its stock during the quarter, or 8.5 million shares at an average price of $25.59 a share.
Shares of Target were recently higher by 7.6%, or $2, to $28.19 in
New York Stock Exchange
trading.
