Minneapolis
– Target reported slightly higher net sales but lower net earnings in its
fiscal fourth quarter, ended Jan. 28.
Target
reported net earnings for the quarter of $981 million, down 5.2 percent from
the prior year’s fourth quarter. Net sales for the quarter were up 3.3 percent
to $20.9 billion.
For the
fiscal year net earnings were $2.93 billion, down just 0.3 percent compared
with the prior year. Net sales were $68.4 billion, up 4.1 percent.
“Target
generated strong financial performance in 2011, overcoming sluggish economic
growth, restrained consumer spending and an intensely promotional holiday
season,” said Gregg Steinhafel, chairman, president, and CEO of Target.
