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Target Reports Higher Sales, Earnings In FY

Minneapolis — Target reported higher sales in its fiscal fourth quarter and fiscal year, slightly lower net earnings in the quarter, and an uptick in annual earnings for the period ended Feb. 2.

Fourth-quarter net earnings were $961 million, down 2 percent from the prior year’s final quarter, but full-year net earnings were $2.99 billion, up 2.4 percent from the previous year.

Target’s sales for its fiscal fourth quarter were $22.4 billion, up 6.8 percent from the prior year, and fiscal-year sales were up 5.1 percent year on year to $71.9 billion. Comp-store sales in the quarter were up 0.4 percent.

“We’re pleased with Target’s fourth-quarter performance, particularly in the face of a highly promotional retail environment and continued consumer uncertainty,” said Gregg Steinhafel, chairman, president/CEO of Target.

“We believe these results position us well to deliver on significant plans in 2013, including completion of

the largest store-opening program in our company’s history, with 124 stores in Canada and additional Target and CityTarget locations in the U.S., investing in new processes and technology that will improve our guests’ multichannel experience and closing the sale of our credit card receivables,” he said.

In Target’s U.S. credit card segment results, fourth-quarter average receivables decreased 4.6 percent to $6.1 billion in 2012, from $6.4 billion in 2011.