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Daily News

Target Reports a $50-Billion Year
Feb 20, 2006
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U.S. retailer Target Corporation reported earnings from continuing operations of U.S. $939 million, or $1.06 per share, for the fourth quarter ended January 28, 2006, compared with $809 million, or $0.90 per share, in the fourth quarter ended January 29, 2005.

For the full year, earnings from continuing operations were $2.408 billion, or $2.71 per share, in 2005, compared with $1.885 billion, or $2.07 per share, in 2004. Including earnings from discontinued operations and the gain on disposal of discontinued operations, earnings per share for the fourth quarter and full year 2004 were 91 cents and $3.51, respectively.

"Target produced outstanding results in 2005, surpassing $50 billion in sales and generating strong growth in earnings," said Bob Ulrich, chairman and CEO of the Minneapolis, Minnesota, U.S.-based retailer.

Total revenues increased 12.3 percent in 2005 to $52.620 billion from $46.839 billion in 2004, driven by a 5.6 percent increase in comparable store sales combined with the contribution from new store expansion and credit card operations.

Target operates 1,397 general merchandise stores in 47 U.S. states, as well as an online business.

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