Target’s 3rd-Quarter Profit Rises 50%
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Target Corp.’s third-quarter profit jumped 50%, the biggest gain in more than four years, as the discount retailer opened stores and as revenue from its credit card operations increased.
Net income rose to $277 million, or 30 cents a share, from $185 million, or 20 cents, a year earlier. Revenue in the quarter ended Nov. 2 gained 9.2% to $10.2 billion.
Target added 41 stores and kept inventory lean, leaving it with fewer leftovers to mark down. Shares of Minneapolis-based Target rose $3.46, or 11.5%, to $33.49 on the NYSE.
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