Minneapolis, MN, February 16, 2006--Target Corp., reported a 14 percent increase in earnings for the fourth-quarter.
The company said new earnings for the period were $939 million, or $1.06 per share, from $825 million, or $0.91, in the year ago period. Analysts were looking for earnings of $1.05.
Quarterly revenue totaled $16.95 billion, up 12 percent from $15.19 billion a year earlier, and edging above Wall Street's consensus target of $16.87 billion. The company reported a 4.2 percent increase in sales at stores opened at least a year, known as same-store sales. Same-store sales are considered the best indicator of a retailer's health.
Full-year income slid to $2.41 billion, or $2.71 per share, from $3.2 billion, or $3.51 per share, in 2004, when a $1.24 billion gain from discontinued operations boosted its results. Total revenues rose 12.3 percent to $52.62 billion.
