February 23, 2012 8:10 AM
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Target's profit drops 5.2 percent
(AP Photo/Wilfredo Lee)
NEW YORK - Target Corp. (TGT) is reporting a 5.2 percent drop in earnings for the fourth quarter, as the retailer pushed big discounts to get tight-fisted shoppers to buy during the holiday season.
The discounter says that it earned $981 million, or $1.45 per share, in the three months ended Jan. 28. That compares with $1.04 billion, or $1.45 per share, in the year-ago period.
Revenue rose 3.3 percent to $20.94 billion.
Analysts had expected $1.40 per share on revenue of $21.23 billion, according to FactSet.
The retailer, based in Minneapolis, had reduced its fourth quarter earnings outlook in January after a disappointing holiday season.
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