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News Summary: Target 3Q profit climbs

Source : AP
Last Updated: Thu, Nov 15, 2012 15:00 hrs

THE RESULTS: Target reported third-quarter adjusted earnings of 90 cents per share. Revenue rose 3 percent to $16.6 billion. Analysts, on average, expected earnings of 78 cents per share on revenue of $16.91 billion.

HOLIDAY FORECAST: Target said Thursday that it expects fourth-quarter adjusted earnings between $1.64 and $1.74 per share. Wall Street predicts earnings of $1.50 per share.

OPTIMISM: The critical holiday shopping season can make up 40 percent of a retailer's annual revenue. Target Corp. is optimistic about the period, citing its new price matching program and a holiday collection partnership with luxury department store Neiman Marcus.




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