Target raises full-year profit forecast; shares rise

(Reuters) – Target Corp (N:) raised its full-year profit forecast after posting better-than-expected quarterly comparable sales on Wednesday, as the retailer expects a strong holiday shopping season, sending its shares up 8% in trading before the bell.

The company raised its full-year adjusted profit forecast to between $6.25 and $6.45 per share, compared with the prior range of between $5.90 and $6.20 per share.

Sales at established Target stores rose 4.5% in the third quarter ended Nov. 2, beating analysts’ average estimate of 3.6% rise, according to IBES data from Refinitiv.

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