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Target Q1 profit beats estimates on healthy sales growth

[BOSTON] Target Corp on Wednesday reported a larger-than-expected increase in first-quarter profit on healthy revenue growth and raised the low end of its full-year earnings forecast range.

Adjusted earnings per share, excluding restructuring costs and other items, came to US$1.10 in the three months ended May 2, against a profit of 92 cents in the same period a year earlier.

Analysts, on average, expected per-share profit of US$1.03, according to Thomson Reuters.

For the full year, the company expects adjusted earnings of US$4.50 to US$4.65 per share, against its previous outlook of US$4.45 to US$4.65.

Target said comparable sales at stores open at least a year rose 2.3 per cent, matching the market consensus, according to Consensus Metrix.