Target trims FY forecast as Q3 comparable sales fall short

Reuters

Nov 21 (Reuters) - Target Corp on Thursday reportedcomparable sales rose a smaller than expected 0.9 percent in thethird quarter, blaming what it called "constrained" consumerspending, and it lowered its full year profit forecast.

Target, which competes against Wal-Mart Stores Inc and other discount retailers, earned $341 million, or 54 centsper share, in the fiscal third quarter ended Nov. 2, down from$637 million, or 96 cents per share, a year earlier. On anadjusted basis, the discounter earned 84 cents per share.

Analysts were expecting comparable sales to rise 1.3percent.

The retailer now expects to earn an adjusted profit pershare of $4.59 to $4.69, compared with an earlier range of $4.70to $4.90. (Reporting by Phil Wahba in New York; Editing by Gerald E.McCormick)

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