Discount retailer Target Corporation (TGT) released its third quarter financial results before the opening bell on Wednesday. The company reported higher earnings and revenue, which both beat analysts’ expectations.

Earnings

The retailer reported earnings of $353 million, or 55 cents per share, a 3% increase from last year’s $341 million, or 54 cents per share. Excluding special items, earnings were 54 cents per share, down from 56 cents per share last year. On average, Wall Street analysts expected to see adjusted EPS of 47 cents per share.

Revenue
Revenue for the quarter increased 2.8% to $17.73 billion from $17.26 billion a year ago. On average, analysts expected to see revenue of $17.56 billion.

Outlook
Looking ahead to the fourth quarter, Target expects to see earnings between $1.13 and $1.23 per share. Analysts expect to see earnings of $1.22 per share.

For FY2014, the company narrowed its outlook to a range of $3.15 to $3.25 per share from its previous range of $3.10 to $3.30 per share. Analysts expect to see earnings of $3.10 per share.

While the funds mentioned hold only a small stake in Target, it is still important for investors to be aware of major news events like earnings reports, as they may have an effect on mutual fund performance.