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.