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Business

Target’s 3Q Profits Up 3.7 Percent

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A Target store in Minneapolis. (credit: CBS)

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NEW YORK (AP) — Target Corp. is reporting a 3.7 percent increase in third-quarter profits, helped by solid spending and improvement in its credit card business.

The discounter says Wednesday that it earned $555 million, or 82 cents per share, in the three-month period ended Oct. 29. That compares with $535 million, or 74 cents per share, in the year-ago period.

Revenue rose 5.4 percent to $16.05 billion.

Analysts had expected 74 cents per share on revenue of $16.31 billion, according to FactSet.

The discounter is based in Minneapolis.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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