Target adjusted profit rises for holiday quarter

Target Corp. (TGT-N) posted a higher adjusted quarterly profit as the retailer's sales rose during the holiday season.

Target earned $981 million US, or $1.45 per share, in the fiscal fourth quarter, compared with a profit of $1.04 billion, or $1.45, a year earlier. Excluding certain costs, adjusted profit per share came to $1.49, compared to $1.38 a year earlier.

Target expects to earn between $4.55 and $4.75 per share this year, excluding the costs of its entry into Canada. That includes 97 cents to $1.07 per share for the first quarter.

Target previously said that sales rose 3.3 percent to $20.94 billion. Sales at stores open at least a year, or same-store sales, rose 2.2 percent, down from a 2.4 percent rise during the prior holiday season.

The average amount spent per transaction at those established stores rose 1.8 percent as shoppers bought more items and prices were higher.