Target misses 4Q profit forecasts
Target Corp. (TGT) on Tuesday reported fiscal fourth-quarter earnings of $1.1 billion.
The Minneapolis-based company said it had profit of $2.02 per share. Earnings, adjusted for one-time gains and costs, were $1.37 per share.
The results fell short of Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The retailer posted revenue of $22.77 billion in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $22.46 billion.
For the current quarter ending in May, Target expects its per-share earnings to range from $1.25 to $1.45. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.40.
The company expects full-year earnings in the range of $5.15 to $5.45 per share.
Target shares have increased 15 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. The stock has increased 31 percent in the last 12 months.