Target tops Street 2Q forecasts

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MINNEAPOLIS (AP) _ Target Corp. (TGT) on Wednesday reported fiscal second-quarter profit of $672 million.

On a per-share basis, the Minneapolis-based company said it had net income of $1.22. Earnings, adjusted for one-time gains and costs, came to $1.23 per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share.

The retailer posted revenue of $16.43 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $16.28 billion.

For the current quarter ending in November, Target expects its per-share earnings to range from 75 cents to 95 cents.

The company expects full-year earnings in the range of $4.34 to $4.54 per share.

Target shares have fallen 25 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent. The stock has declined 28 percent 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 https://www.zacks.com/ap/TGT

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Keywords: Target, Earnings Report, Priority Earnings