Skip to main content
Advertising

Originally published Thursday, February 7, 2013 at 5:23 AM

  • Share:
             
  • Comments (0)
  • Print

Target's key Jan. revenue metric tops Wall Street

Discount retailer Target Corp. said Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

MINNEAPOLIS —

Discount retailer Target Corp. said Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.

The gain topped Wall Street expectations, and Target shares edged up 31 cents to $63 in premarket trading.

Gregg Steinhafel, chairman, president and CEO of Target, said its customers "continue to shop with discipline in the face of a slow economic recovery and new pressures, including recent payroll tax increases."

As a result, he said Target remains "focused on providing unbeatable value combined with a superior guest experience in both our stores and digital channels."

Analysts had expected a 1.7 percent increase for the four weeks ended Jan. 26, according to Thomson Reuters.

The figure is based on revenue at stores opened at least a year and is considered an indicator of a retailer's health because it excludes results from stores recently opened or closed.

For the quarter to date, revenue at stores open at least a year rose 0.4 percent.. The figure is up 2.7 percent for the year to date.

Total revenue for the five weeks ended Feb. 2 were $5.97 billion, up 29.6 percent from a year ago.

For the quarter to date, total revenue was up 6.8 percent to $22.37 billion. For the year to date, revenue rose 5.1 percent to $71.96 billion.

News where, when and how you want it

Email Icon

Relive the magic

Relive the magic

Shop for unique souvenirs highlighting great sports moments in Seattle history.

Advertising

Advertising

NDN Video

Advertising