Target's profit drops 5.2 percent

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.