Target Corp. says lean inventory and stronger-than-expected holiday sales helped fourth-quarter profit rise 53.7 percent.
The nation's second-largest discounter says it earned $936 million, or $1.24 per share, in the quarter ended Jan. 30.
Target took a hit when the economy soured because about 40 percent of its sales come from essentials like groceries and wellness as opposed to 60 percent at Wal-Mart. But Target, based in Minneapolis, has turned to emphasizing low prices in advertising and expanded its food offerings, which have helped.
Revenue rose 3.2 percent to $20.18 billion. Sales at stores open at least a year rose 0.6 percent.
Results beat estimates from analysts who expected $1.16 per share on revenue of $20.15 billion.
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