MINNEAPOLIS (dpa-AFX) - Discount retailer Target Corp. (TGT) on Wednesday reported net earnings for the first quarter of $2.10 billion or $4.17 per share, sharply higher than $284 million or $0.56 per share in the year-ago quarter.
Excluding items, adjusted earnings for the quarter were $3.69 per share, compared to $0.59 per share in the prior-year quarter.
Total revenue for the quarter grew 23.4 percent to $24.20 billion from $19.62 billion in the same quarter last year. Total comparable sales grew 22.9 percent
On average, analysts polled by Thomson Reuters expected the company to report earnings of $2.25 per share on revenues of $21.81 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company projects mid-to-high single digit growth in comparable sales for the second quarter, and single-digit comparable sales growth in the last two quarters of the year.
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