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MINNEAPOLIS — Target Corp. reported a 2.4% increase in net earnings to $3.0 billion for fiscal 2012, although fourth quarter net profit declined 2% to $961 million, or $1.47 per diluted share.
Target Corp. reported a 2.4% increase in net earnings to $3.0 billion for fiscal 2012, although fourth quarter net profit declined 2% to $961 million, or $1.47 per diluted share.
The company had issued revised guidance in January of $1.45 to $1.55 per share after a disappointing holiday season.
However, the discount retailer predicted that earnings for the first quarter of fiscal 2013 will range between $1.22 and $1.32 per diluted share, while full-year profit is expected to come in between $4.70 and $4.90. Management did not issue any sales guidance, and chairman, president and chief executive officer Gregg Steinhafel said the chain faces "a highly promotional retail environment and continued consumer uncertainty."
Fiscal 2012 sales grew 5.1% to $71.96 billion, while the top line for the fourth quarter rose 6.8% to $22.37 billion. Same-store sales for the year expanded 2.7% but edged up just 0.4% in the fourth quarter, reflecting flat results in December.
