Target raises earnings outlook on strong January sales
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Posted 1:56PM on Thursday, February 7, 2002
MINNEAPOLIS - Target Corp. on Thursday raised its earnings outlook for the fourth fiscal quarter, citing strong January sales at its upscale discount stores. <br>
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Target said it now expects to report earnings of at least 72 cents a share in the quarter ended Feb. 2, compared with 61 cents a year earlier. The mean estimate of analysts surveyed by Thomson Financial/First Call had been 67 cents. <br>
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Sales at Target Stores open at least a year rose 7.6 percent in January, while comparable store sales dropped 3.3 percent at Mervyn's and fell 4.7 percent at its Marshall Field's department stores. <br>
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Excluding the extra week in the fourth quarter of fiscal 2001, the corporation's total sales for the four weeks ended Feb. 2 increased 13.5 percent and comparable store sales rose 5.8 percent from a year earlier. <br>
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In midday trading on the New York Stock Exchange, Target shares were up 37 cents at $42.87. <br>
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