Target reports booming holiday sales

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MINNEAPOLIS (AP) - Target is joining other retailers in reporting booming sales with shoppers returning in force during the critical holiday season.

The company, also citing recently-enacted federal tax changes, raised quarterly and full-year profit expectations, sending shares up 4 percent in premarket trading Tuesday.

Target Corp., based in Minneapolis, now foresees fourth-quarter adjusted earnings of $1.30 to $1.40 per share. Its prior guidance was $1.05 to $1.25 per share. For the year, Target now expects earnings of $4.64 to $4.74 per share. Previously it predicted earnings of $4.40 to $4.60 per share.

Analysts surveyed by FactSet expect fourth-quarter per-share earnings of $1.22, and of $4.56 for the full year.

Kohl's Macy's and J.C. Penney have all reported strong holiday sales in the past week.

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