Target Corporation (TGT - Free Report) , the leading department store retailer, came out with third-quarter fiscal 2017 results, wherein adjusted earnings from continuing operations of 91 cents per share surpassed the Zacks Consensus Estimate of 86 cents but declined 13.1% year over year.
Management raised fiscal 2017 earnings guidance. For fiscal 2017, Target now envisions adjusted earnings in a band of $4.40-$4.60 per share, up from the prior projection of $4.34-$4.54 per share.
For the fourth quarter of fiscal 2017, the company expects adjusted earnings per share in the range of $1.05-$1.25.
Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed upward revisions in the last seven days. In the trailing four quarters, excluding quarter under review, the company has outperformed the Zacks Consensus Estimate by an average of 15.1%.
Revenues: Target generated net sales of $16,667 million that increased 1.4% year over year and outpaced the Zacks Consensus Estimate of $16,613 million. Comparable store sales gained 0.9% during the quarter.
Key Events: Target returned about $510 million to its shareholders in the form of share repurchases and dividend payments in the third quarter. The company bought back shares worth $171 million and paid dividends of $339 million in the reported quarter.
Zacks Rank: Currently, Target carries a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Target’s shares are down nearly 1.8% during the pre-market trading hours following the earnings release.
Check back later for our full write up on Target’s earnings report!
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