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Target Misses In Fiscal Q4

2/26/2008 01:36:00 PM Eastern

Minneapolis — Target reported lower net earnings and flat revenues for the fiscal fourth quarter, which ended Feb. 2.

Net earnings were $1.028 billion for the quarter, a 13-week period, compared with $1.119 billion in the prior year’s 14-week fourth quarter.

Total revenues in the fourth quarter increased 0.8 percent to $19.872 billion, from $19.710 billion in 2006, due to the contribution from new store expansion, a 0.2 percent increase in comp-store sales, and contribution from credit card operations, offset by the impact of an extra fiscal week in 2006. On a 13-week-over-13-week basis, total revenues in fourth-quarter 2007 increased 6.3 percent.

For the full fiscal year of 2007, a 52-week period, net earnings were $2.849 billion, compared with $2.787 billion in fiscal 2006, a 53-week period.

“Our financial performance in 2007 fell short of our expectations as the pace of sales and earnings slowed considerably in the second half of the year,” said Bob Ulrich, chairman/CEO. “As we enter 2008, we remain keenly focused on the disciplined execution of our core strategy, positioning Target to deliver improved financial results, even in the face of continued challenges in the current economic environment.”

For fiscal 2007, total revenues increased 6.5 percent to $63.4 billion, from $59.5 billion in 2006, fueled by the contribution from new store expansion, a 3.0 percent increase in comp-store sales, and contribution from credit card operations, offset by the impact of an extra fiscal week in 2006. On a 52-week-over-52-week basis, total revenues in 2007 increased 8.4 percent. Total revenues include retail sales and net credit card revenues. Comp-store sales are sales from stores open longer than one year.

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