Target Corp., announced a 54 percent rise in fourth quarter profit, the result of elevated holiday sales and increased grocery spending. The net income for the nation’s second largest discount retailer grew from $609 million and 81 cents a share last year to $936 million, or $1.24 a share in the most recent quarter.
The noteworthy numbers for the Minneapolis based target exceeded analyst expectations of $1.17 a share.
Noting the success of its grocery department, the company will be expanding the section. Sales increases though, were not limited to the food aisles for the fourth-quarter, as shoppers snapped up clothes and home décor during the holiday season. Overall, sales rose 3.7 percent to $19.7 billion according to reports released early this month, with total revenue up to $20.2 billion.
Current success is not enough for the company though who plans on continue to expand it’s empire in the upcoming years. Target intends delve into smaller format locations and expand internationally by 2013.
Against the positive reports target slipped 43 cents to $50.21 in early afternoon trading. In the last year, shares experienced 78 growth.
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