Retailer Target Corp. reported fourth quarter net earnings of $981 million and full year net earnings of $2,929 million.
Target's 4Q sales were up 3.3% to $20.9 billion from $20.3 billion in the fourth quarter of the previous year, with a 2.2% increase in comparable-store sales and the contribution from new stores.
Fiscal 2011 sales were up 4.1% to $68.5 billion from $65.8 billion in 2010, due to a 3.0% increase in comparable-store sales and the contribution from new stores.
"Target generated strong financial performance in 2011, overcoming sluggish economic growth, restrained consumer spending and an intensely promotional holiday season," said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. "For the full year, our U.S. businesses generated 14.3% growth in adjusted earnings per share, and we experienced our strongest growth in comparable-store sales since 2007."
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