Target Corp‘s stock rose 7.4% to $58.55 a share after the company reported a smaller-than-expected drop in quarterly comparable sales on Wednesday.
Sales at stores open at least one year fell 1.3%, better than the 3.6% drop expected by analysts polled by research firm Consensus Metrix.
Net income rose to $681 million, or $1.23 per share, in the first quarter ended April 29, from $632 million, or $1.05 per share, a year earlier.
The company’s performance is a rare bright spot for the US retail industry, which has come under pressure lately amid mounting competition from online rivals.
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