Target Corporation reported fourth quarter net earnings of $520 million, or $0.81 per share, and full-year net earnings of $1,971 million, or $3.07 per share.
Dilution related to the Canadian Segment affected fourth quarter and full-year GAAP EPS by (40) cents and $(1.13), respectively.
Adjusted earnings per share were $1.30 in fourth quarter 2013, down 21.2 percent from $1.65 in 2012. Full-year 2013 Adjusted EPS of $4.38 was down 8.0 percent from $4.76 in 2012.
Target’s U.S. operations generated fourth quarter Adjusted earnings per share of $1.30, at the high end of the updated guidance provided in January.
Canadian Segment dilution of (40) cents in the fourth quarter compares with prior guidance of approximately (45) cents.
Target’s full-year 2013 Adjusted earnings per share of $4.38 reflect disciplined inventory and expense management despite softer-than-expected U.S. sales.
In 2013, the Company returned $2.5 billion to shareholders through dividends and share repurchase, representing more than 125 percent of net earnings.
Target’s U.S. comparable sales decreased (2.5)% in the fourth quarter, consistent with prior guidance, driven by positive comparable sales prior to our December 19 announcement of a data breach, followed by meaningfully softer results following the announcement.