March 3, 2020 / 11:45 AM / a month ago

Target forecasts 2020 profit largely below estimates

March 3 (Reuters) - Target Corp forecast annual earnings largely below analysts’ estimates on Tuesday, indicating that the retailer’s lackluster holiday season performance was spilling over into 2020.

The company said it expects adjusted earnings of $6.70 to $7 per share for fiscal 2020, the mid-point of which was below analysts’ estimates of $6.87 per share, according to IBES data from Refinitiv.

The company’s comparable sales, which include online and store sales, rose 1.5% in the fourth quarter ended Feb. 1, matching analysts’ lowered estimates. (Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)

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