Home Wealth  Money Retail Earnings: Target, Abercrombie & Fitch

Retail Earnings: Target, Abercrombie & Fitch

Posted: Nov. 17th, 2011  |  By Forbes

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Discount retailer Target reported fiscal third quarter earnings ahead of analyst forecasts today.

Profits rose to $555 million, or $0.82 per share, from $535 million, or $0.74 per share, in last year's third quarter. Adjusted earnings of $0.87 per share were well ahead of analyst expectations.

Sales rose 5.4%, to $16.05 billion, meeting analyst estimates, on same-store sales growth of 4.3%.

Target (nyse: TGT - news - people ) is looking for fourth quarter earnings of $1.43 to $1.53 per share, ahead of Wall Street estimates on the high end.

Rival Wal-Mart (nyse: WMT - news - people ) missed analyst expectations with its earnings report yesterday.

Also today, teen apparel retailer Abercrombie & Fitch (nyse: ANF - news - people ) posted fiscal third quarter earnings that rose to $50.9 million, or $0.57 per share, from $50 million, or $0.56 per share, last year.

Results fell short of analyst expectations, as margins declined.

Abercrombie had previously reported third quarter sales rose more than 20%, to $1.08 billion, on a 7% increase in same-store sales.

Rival apparel retailer Gap (nyse: GPS - news - people ) reports results tomorrow.

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