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Target Stores Q4 Sales Up 9%

2/24/2003 02:37:00 PM Eastern

Minneapolis - Sales in the Target Stores division at Target Corp. climbed 9 percent in the company's fourth quarter, reaching $11.9 billion, up from $10.9 billion in the year-ago period.

Comparable store sales at Target Stores edged up 1.1 percent for the three-month period ended Feb. 1.

Pre-tax segment profit at Target Stores increased 8 percent in the fourth quarter, hitting $1.2 billion, up from $1.1 billion year over year.

For the 12 months, Target Stores sales rose 13.3 percent, to $36.9 billion, compared with $32.6 billion in the same period a year earlier. Comparable-store sales for the 12 months rose 2.2 percent.

Pre-tax segment profit for the stores division in the fiscal year climbed 21.3 percent, hitting $3.1 billion, up from $2.5 billion in the same 12 months the previous year.

Target's consolidated sales for the fourth quarter moved up 5.6 percent, reaching $13.7 billion, compared with $13 billion in the same quarter the previous year, while net earnings came in 4.4 percent higher for the quarter, reaching $688 million, compared with the year-earlier $658 million.

For the 12 months, consolidated Target sales jumped 9.2 percent, hitting $42.7 billion, up from $39.1 billion year over year. Net earnings for the 12 months increased 20.9 percent, to $1.7 billion, up from $1.4 billion in the previous year.