Target raises 2015 earnings forecast for second time

[BENGALURU] Retailer Target Corp 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.

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

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

Revenue rose 2.8 per cent to US$17.4 billion.

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

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

REUTERS