Target Corporation has reported earnings from continuing operations of $939 million for the fourth quarter ended January 28th 2006, compared with $809 million in the fourth quarter ended January 29th 2005.
For the full year, earnings from continuing operations were $2.408 billion in 2005, compared with $1.885 billion in 2004.
Bob Ulrich, Chairman and Chief Executive Officer of Target Corporation said, "Target produced outstanding results in 2005, surpassing $50 billion in sales and generating strong growth in earnings."
Total revenues increased 12.3 percent to $52.620 billion from $46.839 billion in 2004, driven by a 5.6 percent increase in same-store sales combined with the contribution from new store expansion and our credit card operations.
For the year, earnings before interest and income taxes (EBIT) increased 20.1 percent to $4.323 billion, compared with $3.601 billion in 2004.
Fourth quarter revenues were $16.947 billion, up 11.5 percent from $15.194 billion in the same period a year ago. Same-store sales for the quarter rose 4.2 percent.
Fourth quarter earnings before interest and income taxes were $1.606 billion, an increase of $197 million, or 14.0 percent, from the fourth quarter of 2004.
Target Corporation's continuing operations include large, general merchandise discount stores, as well as an on-line business called Target.com. At quarter-end, the company operated 1,397 Target stores in 47 states.
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