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.
Release Date: 
2011-11-16 20:23:54
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Abstract Web: 
Minneapolis - Target reported higher net sales and net earnings for its fiscal third quarter, ended Oct. 30.
Article Type: 
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