Target’s stock jumps 11% premarket as earnings beat offsets revenue miss and lowered guidance

Target Corp.’s stock TGT rose 11% in premarket trade Wednesday, after the retailer beat profit estimates for the second quarter by a wide margin. offsetting for now a sales miss and lowered guidance. The company had net income of $835 million, or $1.80 a share, up from $183 million, or 39 cents a share, in the year-earlier period. Adjusted per-share earnings also came to $1.80, well ahead of the $1.43 FactSet consensus. Revenue fell 5T to $24.773 billion from $26.037 billion a year ago, below the $25.178 billion FactSet consensus. Same-store sales fell 5.4%, while FactSet was expecting a decline of 3.7%. The company…