Target Corp.TGT , department store retailer, came out with fourth-quarter fiscal 2016 results, wherein adjusted earnings of $1.45 per share missed the Zacks Consensus Estimate of $1.50 and also decreased 4.6% year over year.

For fiscal 2017, Target envisions adjusted earnings in a band of $3.80 - $4.20 per share in comparisons to $5.01 reported in fiscal 2016. For the first quarter fiscal 2017, the company expects adjusted earnings per share in the range of 80 cents to $1.

Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2017 has witnessed upward revisions in the last 30 days. In the trailing four quarters, excluding quarter under review, the company outperformed the Zacks Consensus Estimate by an average of 9.9%.

Target Corporation Price, Consensus and EPS Surprise

Target Corporation Price, Consensus and EPS Surprise | Target Corporation Quote

Revenues: Target generated net sales of $20,690 million that decreased 4.3% year over year and also fell short of the Zacks Consensus Estimate of $20,746 million. Comparable store sales declined 1.5% during the quarter.

Key Events: Target returned about $902 million to its shareholders in the form of share repurchases and dividend payments in the fourth quarter. The company bought back shares worth $565 million and paid dividends of $337 million in the reported quarter.

Zacks Rank: Currently, Target carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here .

Stock Movement: Target's shares were down nearly 12% during pre-market trading hours following the earnings release.

Check back later for our full write up on Target's earnings report!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.