Target Raises '15 Earnings Forecast Again

Reuters

Retailer Target Corp (NYSE:TGT) raised its full-year earnings forecast for the second time and reported its sixth straight rise in quarterly sales, driven by demand for home products and apparel.

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Target's same-store sales rose 2.4 percent in the second quarter ended Aug.1, better than the 2.2 percent rise analysts had expected, according to research firm Consensus Metrix.

The company earned $1.22 per share on an adjusted basis, above its own estimate of $1.04-$1.14.

Revenue rose 2.8 percent to $17.4 billion.

Target said it now expected full-year adjusted earnings of $4.60-$4.75 per share.

The company had earlier raised the lower end of its forecast by 5 cents to $4.50-$4.65.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila)