Minneapolis, MN, Nov. 14--Target Corp. had higher earnings in the third quarter, the result of positive results for its Target discount unit, which made up for sluggish sales at its Marshall Field's and Mervyn's department stores.
In the quarter the company had earnings of $277 million, or $.30 per share, verses $185 million, or $0.20 per a share, in the same period a year ago.
Analysts on average were expecting a profit of 28 cents per share, with estimates ranging from 27 cents to 30 per share, according to research firm Thomson First Call.
Target's sales in the third quarter were $10.2 billion verses $9.3 billion a year ago.
The company said its outlook for earnings growth is modest in light of last year's strong performance. It said it expects to deliver strong earnings growth for 2002 overall and it remains confident it will continue to generate average annual earnings per share growth of 15% or more over time.
