MINNEAPOLIS – MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal fourth-quarter net income of $1.43 billion, after reporting a loss in the same period a year earlier.
On a per-share basis, the Minneapolis-based company said it had net income of $2.32. Earnings, adjusted for non-recurring gains and to account for discontinued operations, were $1.52 per share.
The results did not meet Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The retailer posted revenue of $21.63 billion in the period, also falling short of Street forecasts. Seven analysts surveyed by Zacks expected $21.78 billion.
For the current quarter ending in May, Target expects its per-share earnings to range from $1.15 to $1.25. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.21.
The company expects full-year earnings in the range of $5.20 to $5.40 per share.
Target shares have increased almost 2 per cent since the beginning of the year, while the Standard & Poor’s 500 index has fallen 6 per cent. The stock has decreased 3.5 per cent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TGT at http://www.zacks.com/ap/TGT
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Keywords: Target, Earnings Report, Priority Earnings
