Target Reports Strong 3Q Earnings Nov 17, 2011

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Target Corp. third quarter 2011 net earnings were $555 million up from $535 million in 3Q 2010.

Target’s U.S. retail segment sales in 3Q 2011 were up 5.4% to $16.1 billion from $15.2 billion a year ago. This was attributed to a 4.3% increase in comparable-store sales and contributions from new stores. Segment earnings before interest expense and income taxes (EBIT) were $931 million in 3Q 2011, up 14.1% from $816 million in 2010.

“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 chief executive officer of Target Corporation.

Minneapolis-based Target has 1,767 stores in the United States and sells online at Target.com. Target's first Canadian stores are scheduled to open in 2013. The company also operates a credit card segment that offers branded proprietary credit card products.

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