Target Corporation (TGT) Reports 29% Increase In First-Quarter Profit

Target Corporation TGT reported a 29% increase in its first-quarter profit. The discount retailer reported first-quarter profit of $671 million, or $0.90 per share, compared with a profit of $522 million, or $0.69 per share it reported for the same period last year. Revenue increased 5.1% to 415.59 billion in the quarter. Analysts surveyed by Thomson Reuters were on average expecting Target to report revenue of $15.58 billion. Same-store sales increased 2.8% in the quarter. Shares of Target Corporation were down 0.70% to $53.84 in trading at 11.25 a.m. in New York today.