Target's key Jan. revenue metric tops Wall Street

(AP) Discount retailer Target Corp. says Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.

Analysts had expected a 1.7 percent increase for the four weeks ended Jan. 26, according to Thomson Reuters.

The figure is based on revenue at stores opened at least a year and is considered an indicator of a retailer's health because it excludes results from stores recently opened or closed.

Total revenue for the five weeks ended Feb. 2 were $5.97 billion, up 29.6 percent from a year ago.

In a statement, Gregg Steinhafel, chairman, president and CEO of the Minneapolis-based retailer says that customers continue to shop cautiously in the face of a slow economic recovery and new financial pressures like the recent payroll tax increase.