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Target profit rises better-than-expected 3.7%


Minneapolis -- Target Corp. reported Wednesday that earnings for the second quarter rose 3.7%, boosted by same-store sales growth and beating Wall Street expectations.

The retailer posted a profit of $704 million for the quarter ended July 30, compared with $679 million in the year-ago period. Revenue rose 4.6% to $16.24 billion, besting analysts’ expected $16.17 billion. Same-store sales rose 3.9%.

Target has benefited from fewer problems in its credit card business, but still is cautionary about waning purchases by lower-income shoppers squeezed by the economy.

The retailer is readying for its Canadian debut in 2013.

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