Target Quarterly Earnings Rise Feb 21, 2003

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Retailer Target Corp. posted higher quarterly profits as strength in its credit card business compensated for disappointing holiday sales.

The discount chain said it earned U.S. $688 million, or $0.75 per share, in the fourth quarter ended Feb. 1. That compares with earnings of $658 million, or $0.72 per share, in the year-ago period. Quarterly revenues rose 6.4 percent to $14.1 billion, but sales at stores open at least a year -- a key retail measure known as same-store sales -- fell 2.2 percent. (Reuters)

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