UPDATE: Target Posts Upbeat Q3 Earnings, Lowers Forecast

Target

reported a 46% drop in its fiscal third-quarter earnings and lowered its earnings outlook for the year. Target now projects full-year earnings of $4.59 to $4.69 per share. Target's quarterly profit fell to $341 million, or $0.54 per share, from a year-ago profit of $637 million, or $0.96 per share. Excluding items, its adjusted earnings came in at $0.84 per share, beating analysts' estimates of $0.64 per share. Its revenue rose 1.9% to $17.3 billion. However, analysts were expecting revenue of $17.36 billion. Target shares fell 3.44% to $64.20 in pre-market trading.