Investing.com - Shares of Target (NYSE:TGT) rose in premarket trade Wednesday, after the discount retailer reported fiscal third-quarter results that beat expectations and provided an upbeat outlook.
The retail giant reported earnings per share of 91 cents on revenue of $16.66 billion in the July-Sept. quarter. Analysts had expected EPS of 86 cents on revenue of $16.48 billion.
Comparable store sales increased 0.9%.
“We’re very pleased with Target’s third quarter performance, including traffic and sales growth that demonstrate we’re building on the progress we saw in the first half of the year,” said Brian Cornell, chairman and chief executive officer of Target Corporation.
Target now expects adjusted earnings per share of $1.05 to $1.25 for the fourth-quarter.
For full-year 2017, the company now expects adjusted earnings of $4.40 to $4.60 per share, compared with prior guidance of $4.34 to $4.54.
Target shares rose 1.5% ahead of the opening bell to $61.00 from a closing price of $60.09 on Tuesday.