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Target total revenues go up in Q4 2007
27 Feb '08
3 min read
Earnings before interest expense and income taxes (EBIT) for the full year increased 4.0 percent to $5.272 billion, compared with $5.069 billion a year ago. EBIT in core retail operations grew 1.3 percent, while the contribution from credit card operations to total EBIT rose 18.9 percent.
Within core retail operations, both gross margin rate and expense rate were slightly unfavorable to the prior year. Gross margin rate represents sales less cost of sales expressed as a percentage of sales. Expense rate represents selling, general and administrative expenses expressed as a percentage of sales.
Earnings before taxes (EBT) for the full year totaled $4.625 billion, an increase of $128 million, or 2.8 percent over 2006. The contribution from the company's credit card operations to full year earnings before taxes, net of the allocated interest expense, was $600 million, an increase of $103 million, or 20.8 percent, over fiscal 2006. Credit card EBT performance was driven by strong growth in average receivables, combined with a moderate increase in the yield on those receivables.
Net interest expense for the year increased $75 million compared with 2006, due to higher average debt balances, including the debt to fund growth in accounts receivable.
The company's annual effective income tax rate was 38.4 percent in 2007 compared with 38.0 percent in 2006.
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Within core retail operations, both gross margin rate and expense rate were slightly unfavorable to the prior year. Gross margin rate represents sales less cost of sales expressed as a percentage of sales. Expense rate represents selling, general and administrative expenses expressed as a percentage of sales.
Earnings before taxes (EBT) for the full year totaled $4.625 billion, an increase of $128 million, or 2.8 percent over 2006. The contribution from the company's credit card operations to full year earnings before taxes, net of the allocated interest expense, was $600 million, an increase of $103 million, or 20.8 percent, over fiscal 2006. Credit card EBT performance was driven by strong growth in average receivables, combined with a moderate increase in the yield on those receivables.
Net interest expense for the year increased $75 million compared with 2006, due to higher average debt balances, including the debt to fund growth in accounts receivable.
The company's annual effective income tax rate was 38.4 percent in 2007 compared with 38.0 percent in 2006.
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