The target of the stock shoots at record high earnings and earnings, lifted the guidance

Shares of Target Corp.

TGT, -0.40%

rose 8.8% to a record high in premarket trading on Wednesday, after the discount trader reported third-quarter financial revenue and revenue that exceeded expectations and lifted the outlook for the full year. Net income for the quarter to November 2 rose to $ 714 million, or $ 1.39 per share, from $ 622 million, or $ 1.17 per share, the previous year. Excluding one-off items, adjusted earnings per share grew to $ 1.36 from $ 1.09, well above the $ 1.19 FactSet consensus. Revenue increased 4.7% to $ 1

8.67 billion to beat the FactSet consensus of $ 18.45 billion, as same-store sales rose 4.5% to exceed expectations of 3.7% growth. For the fourth quarter, Target expects adjusted EPS of $ 1.64 to $ 1.74 and same-store sales growth of 3% to 4%, compared to $ 1.65 EPS FactSet consensus and same-store sales growth of 3.3 %. For 2019, Target lifted the adjusted EPS guidance range to $ 6.25 to $ 6.45 from $ 5.90 to $ 6.20. The stock has seen a 67.7% increase so far today through Tuesday, while the SPDR S&P Retail ETF

XRT, -1.94%

got 7.2% and S&P 500

SPX, -0.06%

has climbed 24.5%.