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Target posted a better-than-expected 23 percent increase in third-quarter profit after the discount retailer more than doubled its credit-card segment income and expanded its fresh-food offerings to boost sales.

Hot Topic Inc. posted a lower quarterly profit, hurt by lower sales and gross margin, and the retailer said it would close stores and cut jobs to lower costs. Hot Topic, which has mostly underperformed its peers over the past few quarters as it struggled with an unappealing merchandise mix, will reduce about 14 percent of its home office and field management positions and close 40-50 underperforming stores.

Williams-Sonoma (NYSE:WSM) tumbled nearly 8% despite reporting slightly better-than-expected third-quarter earnings and raising its full-year guidance, driven primarily by stronger same store sales in its outlets and Pottery Barn Kids stores. The specialty home goods retailer, which also operates Pottery Barn and West Elm, posted net income of $36.5 million, or 34 cents a share, compared with $7.33 million, or 7 cents a share, in the same quarter last year. Excluding special items, the company earned 35 cents a share, ahead of average analyst estimates polled by Thomson Reuters of 31 cents.

After going to head-to-head with discounted holiday gifts like luxury cashmere sweaters and appliances last year, gift cards are expected to emerge as winners this holiday season. According to NRF’s 2010 Gift Card Consumer Intentions and Actions survey, conducted by BIGresearch, Americans will spend an average of $145.61 on gift cards, up from $139.91 last year. Total gift card spending is expected to reach $24.78 billion. NRF’s first holiday survey, released last month, found that gift cards remain the most requested holiday gift, marking the fourth year in a row gift cards have topped consumers’ wish lists.

Black Friday is traditionally the busiest in-store shopping day of the year, but during this holiday season, more consumers than ever are expected to stay home and shop online.

Top U.S. office supplies retailer Staples reported a higher quarterly profit, boosted by tight cost controls and market share gains. The company, which reported preliminary quarterly results late last month, said earnings rose to $288.7 million, or 40 cents a share, in the third quarter ended on Oct. 30 from $269.4 million, or 37 cents a share, a year earlier. Sales at Staples rose 0.3 percent to about $6.54 billion. Smaller rivals Office Depot and OfficeMax , which reported their quarterly results last month, also relied on cost cuts to offset tepid sales.

SAN FRANCISCO -- PetSmart Inc. late Wednesday said its third-quarter profit jumped 23% to $45.6 million, or 38 cents a share, from $38.1 million, or 31 cents a share, in the same quarter last year. Revenue for the Phoenix, Ariz.-based company rose 7.2% to $1.4 billion. Analysts polled by FactSet expected PetSmart to earn 38 cents a share on revenue of $1.38 billion. The pet retail and services company said it raised its 2010 earnings per share guidance from a previous range of $1.91 to $1.99 to its current expectations of $1.96 to $2. Copyright © 2010 MarketWatch,

As many as 138 million U.S. shoppers could be hunting for Black Friday bargains during the three days after Thanksgiving, according to a retail trade group survey released on Thursday.

COLUMBUS, Ohio, Nov. 18, 2010 /PRNewswire/ -- Just in time for holiday bargain shoppers, Big Lots "We are thrilled to announce the grand opening of 17 new stores tomorrow, representing one of the single largest days of store opening activity in the Company's history," said CEO Steve Fishman. "Adding new stores in these key markets will support local economies by creating new jobs while saving customers lots of money by providing some of the best deals available on a wide range of branded merchandise." The grand opening celebrations will include giveaways, Big Lots gift cards, and more. Each new