-
Target reports Q4 profit drop of 5.2%, raises full year outlook
Minneapolis -- Target Corp. reported Thursday that profit for the quarter ended Jan. 28 slid 5.2% to $981 million, from $1.04 billion in the prior year.
Revenue increased 3.3% to $20.94 billion, missing Wall Street’s expected $21.23 billion in revenue. Same-store sales rose 2.2%.
Heavy discounting during the holiday season cut into fourth-quarter profits, but Target still is forecasting a full-year profit outlook that beats analysts’ expectations.
-
Esprit continues search for North American licensee
Hong Kong -- Asian-based apparel retailer Esprit reported Thursday a net profit of $71.6 million for the six months ended December, beating Wall Street estimates.
The retailer said it remains on track to close its directly managed stores in North America by end-March 2012 and will continue to look for a licensing partner.