Target Corp., Minneapolis, Minn., reported fourth-quarter sales increased 3.3 percent to $20.9 billion from $20.3 billion a year ago, due to a 2.2 percent increase in comparable-store sales and the contribution from new stores. Segment earnings before interest expense and income taxes were $1,625 million in the fourth quarter of 2011, an increase of 1.1 percent from $1,608 million in 2010.
“Target generated strong financial performance in 2011, overcoming sluggish economic growth, restrained consumer spending and an intensely promotional holiday season,” says Gregg Steinhafel, chairman, president, and CEO, Target. “For the full year, our U.S. businesses generated 14.3 percent growth in adjusted earnings per share, and we experienced our strongest growth in comparable-store sales since 2007. As we look ahead to 2012, we’ll continue to focus on bringing our “Expect More. Pay Less.” brand promise to life for our guests, providing unique, well-designed merchandise while driving value and loyalty with initiatives like 5% Rewards and REDcard Free Shipping. In addition, we’ll continue to invest in our store, online and mobile channels, open our first CityTarget locations in July and prepare for the opening of our first Canadian Target stores in early 2013.”
Fiscal 2011 sales increased 4.1 percent to $68.5 billion from $65.8 billion in 2010, due to a 3.0 percent increase in comparable-store sales and the contribution from new stores. Full-year retail segment EBIT increased 2.9 percent to $4.8 billion in 2011 from $4.6 billion in 2010.