Target Corp. said Wednesday that the closing of the sale of its pharmacy and clinic businesses to CVS Health Corp. will result in a pre-tax gain of $575 million to $775 million, to be added to fiscal fourth-quarter results. The discount retail giant said the gain will be excluded from adjusted earnings per share. The after-tax net proceeds are expected to be $1.2 billion, which Target plans to use over time to support its capital priorities, including share repurchases. Target said the closing of the sale will reduce fourth-quarter sales by $500 million. Target's stock, which was still inactive in premarket trade, has lost 3.9% year to date, while the SPDR S&P Retail ETF has dropped 9.1% and the S&P 500 has eased 0.8%.
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