Target's 3Q profits up 3.7 percent

November 16, 2011 - 8:55 AM

NEW YORK (AP) — Target Corp. is reporting a 3.7 percent increase in third-quarter profits, helped by solid spending and improvement in its credit card business.

The discounter says Wednesday that it earned $555 million, or 82 cents per share, in the three-month period ended Oct. 29. That compares with $535 million, or 74 cents per share, in the year-ago period.

Revenue rose 5.4 percent to $16.05 billion.

Analysts had expected 74 cents per share on revenue of $16.31 billion, according to FactSet.

The discounter is based in Minneapolis.