Target 3Q results mixed, cuts 2013 profit outlook
MINNEAPOLIS — Target Corp.'s third-quarter net income dropped 47 percent, stung by costs related to its expansion into Canada. Its adjusted profit beat analysts' estimates, but revenue fell short.
The department store operator also lowered its full-year adjusted earnings forecast.
The stock declined more than 4 percent in premarket trading Thursday.
For the three months ended Nov. 2, Target earned $341 million, or 54 cents per share. That's down from $637 million, or 96 cents per share, a year earlier. Removing Canada-related expansion costs and other items, earnings were 84 cents per share.
Analysts expected earnings of 64 cents per share for the Minneapolis company.
Revenue rose 2 percent to $17.26 billion from $16.93 billion. Wall Street expected $17.38 billion in revenue.
Sales at U.S. stores open at least a year rose 0.9 percent.