Home / Knowledge / News / Apparel/Garments / Target's US retail segment sales up 5.1% in 2012
Target's US retail segment sales up 5.1% in 2012
28
Feb '13
Target Corporation reported fourth quarter net earnings of $961 million, or $1.47 per share, and full-year net earnings of $2,999 million, or $4.52 per share. Adjusted earnings per share, a measure the Company believes is useful in providing period-to-period comparisons of the results of its U.S. operations, were $1.65 in fourth quarter 2012, up 10.1 percent from $1.49 in 2011.

Full-year adjusted earnings per share were $4.76, up 7.9 percent from $4.41 in 2011. All earnings per share figures refer to diluted earnings per share.

Fiscal 2013 Earnings Guidance

For fiscal 2013, the Company expects adjusted EPS of $4.85 to $5.05 and GAAP EPS of $4.70 to $4.90. The difference between the adjusted and GAAP EPS ranges reflects expected EPS dilution related to our Canadian Segment of approximately (45) cents, partially offset by expected accounting impacts of approximately 30 cents associated with the sale of Target’s entire consumer credit card receivables portfolio to TD Bank Group, which the Company now expects to close in first quarter 2013.

In first quarter 2013, the Company expects adjusted EPS of $1.10 to $1.20 and GAAP EPS of $1.22 to $1.32. The difference between the adjusted and GAAP EPS ranges reflects expected EPS dilution related to our Canadian Segment of approximately (23) cents, more-than-offset by expected accounting impacts of approximately 35 cents associated with the sale of Target’s entire consumer credit card receivables portfolio to TD Bank Group.

U.S. Retail Segment Results

As previously reported, sales increased 6.8 percent to $22.4 billion in fourth quarter 2012 from $20.9 billion last year, reflecting a 0.4 percent increase in comparable-store sales combined with the contribution from new stores and one additional accounting week. Segment earnings before interest expense and income taxes (EBIT) were $1,677 million in the fourth quarter of 2012, an increase of 3.2 percent from $1,625 million in 2011.

Fourth quarter EBITDA and EBIT margin rates were 9.8 percent and 7.5 percent, respectively, compared with 10.3 percent and 7.8 percent in 2011. Fourth quarter gross margin rate declined to 27.8 percent in 2012 from 28.4 percent in 2011, reflecting the impact of the Company’s integrated growth strategies combined with the impact of markdowns on seasonal merchandise. Fourth quarter selling, general and administrative (SG&A) expense rate was 18.0 percent in 2012, compared with 18.1 percent in 2011.

Full-year 2012 sales increased 5.1 percent to $72.0 billion from $68.5 billion in 2011, reflecting a 2.7 percent increase in comparable-store sales combined with the contribution from new stores and one additional accounting week1. Full-year segment EBIT was $5,019 million in 2012, an increase of 5.3 percent from $4,765 million in 2011.

Full-year 2012 EBITDA and EBIT margin rates were 9.8 percent and 7.0 percent, respectively, compared with 10.0 percent and 7.0 percent in 2011. Full-year gross margin rate was 29.7 percent in 2012, compared with 30.1 percent in 2011, reflecting the impact of the Company’s integrated growth strategies. Full-year SG&A expense rate was 19.9 percent in 2012, compared with 20.1 percent in 2011.

Must ReadView All

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search