Target Corporation released its fourth quarter results today. The company reported an unexpected growth in its sales. The fourth quarter net profit of the company grew by 54% beating the market expectations. The company saw a good growth in its holiday sales and groceries.

Target Corporation, the second-largest U. S. discount chain, posted the net income of $936 million or $1.24 per share in the fourth quarter ended January 30, increasing by 54% while in the same quarter last year the net income was posted $609 million or 81 cents per year. The figures beat the market estimates as the various analysts were expecting a net profit of $1.17 a share for the company in the fourth quarter. The sales for the fourth quarter were reported $19.7 billion, decreasing by 3.7%.

"Fourth quarter retail segment performance was well above our expectations due to stronger than expected holiday sales, combined with well-controlled inventories and disciplined expense controls," said Gregg Steinhafel Chief Executive of Target in a statement.

Target also revealed its plans to expand its business outside the U. S. and test smaller format stores over the next few years. However, the company said that it doesn't have any plan to open its first international store in near future. The company plans the opening of such stores in Canada, Mexico or Latin America after 2013.