Target Corporation (NYSE: TGT):
- Target’s full-year 2012 adjusted earnings per share of $4.76 and GAAP earnings per share of $4.52 both exceeded the expected range provided at the beginning of the year.
- In 2012, U.S. Retail Segment EBIT grew 5.3 percent on 5.1 percent sales growth.
- The U.S. Credit Card Segment experienced a full-year 2012 spread to LIBOR of 9.1 percent, significantly better than expectations one year ago.
- In 2012, the Company returned more than $2.7 billion to shareholders through dividends and share repurchase, representing more than 90 percent of net earnings.
Target Corporation (NYSE: TGT) today 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. A reconciliation of non-GAAP financial measures to GAAP measures is provided in the tables attached to this press release. All earnings per share figures refer to diluted earnings per share.
“We’re pleased with Target’s fourth quarter performance, particularly in the face of a highly promotional retail environment and continued consumer uncertainty,” said Gregg Steinhafel, chairman, president, and chief executive officer of Target Corporation. “Outstanding discipline and execution by our team allowed us to achieve our full-year financial and strategic goals in 2012. We believe these results position us well to deliver on significant plans in 2013, including completion of the largest store opening program in our company’s history with 124 stores in Canada and additional Target and CityTarget locations in the U.S., investing in new processes and technology that will improve our guests’ multichannel experience and closing the sale of our credit card receivables.”