Retailer Target Corp. said U.S. comparable store sales were down 2.5% in the fourth quarter of 2013, with positive comparable sales prior to its December 19 announcement of a breach of customer data, followed by much softer results following the announcement.
Target's fourth quarter net earnings were $520 million and full-year net earnings were $1,971 million.
"As we plan for the new fiscal year, we will continue to work tirelessly to win back the confidence of our guests and deliver irresistible merchandise and offers, and we are encouraged that sales trends have improved in recent weeks," said Gregg Steinhafel, chairman, president and chief executive officer of Target Corporation.“
Target's U.S. segment saw 4Q 2013 sales decrease 6.6% to $20.9 billion, from $22.4 billion in 4Q 2012. Segment earnings before EBIT were $1,413 million, down 22.4% from $1,821 million in 4Q 2012.
Full-year 2013 sales were down 0.9% to $71.3 billion from $72.0 billion in 2012. Full-year EBIT was $4,959 million in 2013, down 11.3% from $5,589 million in 2012.
Canadian segment sales in 4Q 2013 were $623 million and EBIT was -$329 million.
Full fiscal year 2013 Canadian Segment sales were $1.3 billion with EBIT of -$941 million.
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