Minneapolis -- Target Corp.'s third-quarter net income fell 47%, hurt by costs related to its Canadian expansion. Its adjusted profit beat analysts' estimates, but sales fell short. The retailer lowered its full-year adjusted earnings forecast.
For the three months ended Nov. 2, Target earned $341 million, or 54 cents per share, down from $637 million in the year ago period. Removing Canada-related expansion costs and other items, earnings were 84 cents per share.
Revenue increased 2% to $17.26 billion from $16.93 billion. Wall Street expected $17.38 billion. Same-store sales inched up 0.9%, less than expected.
Target CEO Gregg Steinhafel said the company's U.S. division performed well despite the fact that "consumer spending remains strained."