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Target profit misses consensus by 21.3% in fiscal Q2

Target Corp. said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to 62 cents per share, compared with the S&P Capital IQ consensus estimate of 78 cents per share.

EPS decreased 34.2% year over year from 94 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $393.1 million, a decrease of 34.5% from $600.6 million in the year-earlier period.

The normalized profit margin declined to 3.1% from 3.5% in the year-earlier period.

Total revenue climbed on an annual basis to $17.41 billion from $17.12 billion, and total operating expenses increased from the prior-year period to $16.61 billion from $15.98 billion.

Reported net income declined 61.3% year over year to $236.2 million, or 37 cents per share, from $609.9 million, or 95 cents per share.