Target total revenues go up in Q4 2007

27 Feb '08

3 min read

Target Corporation reported net earnings of $1,028 million for the fourth quarter ended February 2, 2008, a thirteen-week period, compared with $1,119 million in the fourth quarter ended February 3, 2007, a fourteen-week period. Earnings per share in the fourth quarter decreased 4.7 percent to $1.23 from $1.29 in the same period a year ago. All earnings per share figures refer to diluted earnings per share.

For the full fiscal year 2007, a 52-week period, net earnings were $2.849 billion, compared with $2.787 billion in fiscal 2006, a 53-week period. Earnings per share increased 3.9 percent to $3.33 from $3.21 a year ago.

"Our financial performance in 2007 fell short of our expectations as the pace of sales and earnings slowed considerably in the second half of the year," said Bob Ulrich, chairman and chief executive officer. "As we enter 2008, we remain keenly focused on the disciplined execution of our core strategy, positioning Target to deliver improved financial results, even in the face of continued challenges in the current economic environment."

Full-Year Results:
For fiscal 2007, total revenues increased 6.5 percent to $63.367 billion from $59.490 billion in 2006, fueled by the contribution from new store expansion, a 3.0 percent increase in comparable store sales, and contribution from credit card operations, offset by the impact of an extra fiscal week in 2006.

On a 52-week over 52-week basis, total revenues in 2007 increased 8.4 percent. Total revenues include retail sales and net credit card revenues. Comparable-store sales are sales from stores open longer than one year.

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