FILE - In this Tuesday, Feb. 21, 2012 file photo, traders work on the floor at the New York Stock Exchange in New York. Stock markets around the world are mixed, Thursday, Feb. 7, 2013. Investors in Japan took profits following a huge rally, while those in China pulled back ahead of a weeklong holiday. However, European markets are higher in early trading. Futures point to a rise when trading opens on Wall Street Thursday morning. (AP Photo/Seth Wenig, File)
Target's key Jan. revenue metric tops Wall Street
Published: 01:22:35 PM, Thu 07 February 2013 UTC
MINNEAPOLIS (AP) — Discount retailer Target Corp. says Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.
Analysts had expected a 1.7 percent increase for the four weeks ended Jan. 26, according to Thomson Reuters.
The figure is based on revenue at stores opened at least a year and is considered an indicator of a retailer's health because it excludes results from stores recently opened or closed.
Total revenue for the five weeks ended Feb. 2 were $5.97 billion, up 29.6 percent from a year ago.
In a statement, Gregg Steinhafel, chairman, president and CEO of the Minneapolis-based retailer says that customers continue to shop cautiously in the face of a slow economic recovery and new financial pressures like the recent payroll tax increase.
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