Target profit rises in holiday quarter

Target Corp (TGT.N) posted a quarterly profit slightly above Wall Street expectations, but investors had hoped for a bigger improvement and shares fell 1 percent.

The No. 2 U.S. discount retailer said sales in the holiday quarter were better than expected, and it expects traffic and sales of discretionary merchandise to improve in 2010.

"In this (market) if you don't blow the number out, your stocks not going to go up and this was basically an in-line earnings number," said Robert W. Baird & Co. analyst Peter Benedict.

Net income was $936 million, or $1.24 per share, in the fourth quarter ended Jan. 30, compared with $609 million, or 81 cents per share, a year earlier.

Read Full Article from Reuters

- Posted: 2010-02-23 10:37:01

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