Target: Fiscal 1Q Earnings Snapshot
MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal first-quarter profit of $284 million.
On a per-share basis, the Minneapolis-based company said it had net income of 56 cents. Earnings, adjusted for investment costs, were 59 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The retailer posted revenue of $19.61 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $19.1 billion.
Target shares have fallen roughly 4% since the beginning of the year, while the Standard & Poor’s 500 index has declined 9.5%. The stock has climbed 71% in the last 12 months.