Target Revenues Up 13% in 2006
Feb 28, 2007
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Retailer Target Corporation (Minneapolis, Minnesota, U.S.) reported net earnings of U.S. $1.119 billion for the fourth quarter ended February 3, 2007, a 14-week period, compared with $939 million in the fourth quarter ended January 28, 2006, a 13-week period. Earnings per share in the fourth quarter 2007 increased 21.7 percent to $1.29 per share from $1.06 per share in the same period a year ago. (All earnings per share are diluted earnings per share.)

For the full fiscal year 2006, a 53-week period, net earnings were $2.787 billion, compared with $2.408 billion in fiscal 2005, a 52-week period. Earnings per share increased 18.5 percent to $3.21 per share from $2.71 per share a year ago.

"We are pleased with our performance in 2006, which reflects the strength of our strategic direction and disciplined execution," said Target Chairman and CEO Bob Ulrich.

For fiscal 2006, total revenues increased 13.1 percent to $59.490 billion from $52.620 billion in 2005, fueled by new store expansion, a 4.8 percent increase in comparable store sales (based on a 52-week period in both years), the impact of the additional week, and the contribution from credit card operations.

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