Target December revenue trailed projections

Target Corp. says a key revenue figure edged up 0.9 percent in December but fell well short of analyst expectations. Its shares tumbled 5 percent in pre-market trading.

Target says weakness in electronics, toys and some home categories offset strength in grocery and apparel items.

Analysts surveyed by Thomson Reuters had expected a rise of 4 percent. Target's shares skidded $2.94 lower to $56 in pre-market trading.

The discounter continues to expect revenue in stores open at least one year to rise 2 percent to 4 percent in the fourth quarter and said analyst expectations for earnings of $1.40 per share is achievable.

Total sales for the five weeks ended Jan. 1 rose about 1 percent to $9.88 billion.

Revenue at stores open at least a year is considered a key indicator of a retailer's performance.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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