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News Summary: Target 4Q net income slips 2 percent

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The Associated Press | February 27, 2013 02:00 PM EST | AP


THE NEWS: Target reported its fourth-quarter net income slipped 2 percent on costs related to launching in Canada and disappointing holiday sales. Revenue rose 7 percent to $22.73 billion.

THE CONTEXT: The No. 2 discount retailer behind Wal-Mart Stores Inc. said holiday sales were weaker than expected, leading to markdowns to clear out inventory. But the company said its Canadian expansion, policy of matching competitors' prices and new designer lines will help its business this year.

WHAT'S NEXT: Target plans to open 24 stores in Canada by April and 124 by the end of the year.