Target profit climbs 18 pct on lower costs

November 17, 2009 8:03:52 AM PST
Target's profit climbed more than 18 percent up in the third quarter as the discount department store chain cut costs and amped up its fight with rival Wal-Mart Stores Inc.

Target Corp., which is based in Minneapolis, has been fighting with its larger competitor as recession-battered customers switch to cheaper stores and swap splurging for saving. As the holidays near, the two have battled online with deep discounts on books and DVDs.

For the quarter ending Oct. 31, costs that rose more slowly than revenue helped profit jump to $436 million, or 58 cents per share. Sales grew 1.4 percent to $14.8 billion. Overall revenue was $15.27 billion. That's up 1 percent.

Analysts forecast a profit of 50 cents per share on revenue of $15.25 billion.

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