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Target Reports Higher Sales, Profits In Qtr.

11/16/2011 03:23:54 PM Eastern

Minneapolis
- Target reported higher net sales and net earnings for its fiscal third
quarter, ended Oct. 30.

The
retailer reported net earnings of $555 million for the quarter, compared with
$535 million in last year's fiscal third quarter.

Net
sales were $16.1 billion, up 5.4 percent from the prior year's $15.2 billion.

 "We're very pleased with our third-quarter
financial results, which reflect strong performance in our U.S. retail and U.S.
credit card segments," said Gregg Steinhafel, chairman, president and CEO of
Target.

"We're
confident that we have the right strategy and team in place to drive continued
strong performance this holiday season and well into the future, allowing us to
continue rewarding our shareholders while investing millions of dollars each
week to support the many local communities where our guests and team members
live, work and shop," Steinhafel said.

For the U.S. retail segment, as Target first reported in its sales release on
Nov. 3, Target's comp-store sales grew 4.3 percent. Segment earnings before
interest expense and income taxes (EBIT) were $931 million in the third quarter
of 2011, an increase of 14.1 percent, from $816 million in 2010.

In its U.S. credit card segment, third-quarter
average receivables decreased 9.9 percent to $6.2 billion in 2011, from $6.9
billion in 2010. Average receivables directly funded by Target decreased 14
percent in the third quarter to $2.4 billion, from $2.8 billion in 2010.