Target's 3Q earnings up 3.7 percent

AP News
Posted: Nov 16, 2011 4:43 PM
Target's 3Q earnings up 3.7 percent

STRONG QUARTER: Target Corp. earned $555 million, or 82 cents per share, in the third quarter. That compares with $535 million, or 74 cents per share, in the year-ago period. Revenue rose 5.4 percent to $16.05 billion. Analysts had expected 74 cents per share on revenue of $16.31 billion, according to FactSet.

THE FACTORS: Target has been wooing shoppers with two key strategies. It offers a five percent discount to customers who pay with its branded credit card or debit cards. Expanding its food departments at its general merchandise stores is also attracting shoppers.

THE OUTLOOK: Target expects earnings per share in the fourth quarter to be in the range of $1.43 to $1.53 per share. Analysts expect $1.47 per share.