Target Q2 Profit Up; Lifts FY15 Adj. EPS View - Quick Facts

(RTTNews) - Target Corp. (TGT) reported that its net earnings for the second-quarter 2015 significantly increased to $753 million from last year's $234 million, with earnings per share improving to $1.18 from $0.37 in the previous year.

GAAP earnings per share from continuing operations were $1.21, compared with $0.61 in second quarter 2014.

Adjusted earnings per share from continuing operations for the quarter were $1.22, up 20.6 percent from $1.01 in 2014.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.11 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly sales increased 2.8 percent to $17.4 billion from $17.0 billion last year, reflecting a 2.4 percent increase in comparable sales combined with sales from new stores. Wall Street expected revenues of $17.40 billion for the quarter.

In third quarter 2015, Target expects adjusted earnings per share of $0.79 to $0.89 compared with $0.79 in third quarter 2014. Analysts project third-quarter earnings of $0.86 per share.

The company now expects fiscal year 2015 Adjusted earnings per share of $4.60 to $4.75, compared with prior guidance of $4.50 to $4.65. Analysts expect annual earnings of $4.62 per share.