Mass merchandiser Target revealed that net earnings for the first quarter of 2012 rose 11.5% to $697m (£441.5m) year on year. Sales increased 6.1% from $15.6bn (£9.88bn) to $16.5bn (£10.45bn) due to a 5.3% rise in like-for-like sales and the contribution from new stores. EBIT was $1.12bn (£709.4m), an uplift of 12.9% from $1.06bn (£671.4m) in 2011.

Canadian first-quarter EBIT was $55m (£34.8m), due to start-up expenses.

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