Target's revenue tops forecasts

Discount retailer Target Corp. said Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise. The gain topped Wall Street expectations. Analysts had expected a 1.7 percent increase, according to Thomson Reuters.

For the quarter to date, revenue at stores open at least a year rose 0.4 percent. The figure is up 2.7 percent for the year to date. Total revenue for the five weeks ended Feb. 2 were $5.97 billion, up 29.6 percent from a year ago.

For the quarter to date, total revenue was up 6.8 percent to $22.37 billion. For the year to date, revenue rose 5.1 percent to $71.96 billion.

- Associated Press

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