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Solid Quarter for Target

MINNEAPOLIS-The discount giant looks to new products in its food aisles and its pharmacies to drive future sales.

By Dees Stribling | Updated on February 17, 2005

MINNEAPOLIS-Target Corp., the nation’s number-two discount retailer, turned in a strong quarter, with comp-store sales up 5.4% in fiscal Q4 2004 (ended Jan. 29), compared with the same quarter a year earlier. For the entire fiscal 2004, Target’s comp-store sales were up 5.3% over 2003.

Net earnings for Q4 2004 were $825 million (up 11.1% from the previous year), or $0.91 per share, while net earnings for the full year were $3.198 billion (up 11.5%), or $3.51 per share. Total year results were pumped considerably by a one-time gain of $1.238 billion, or $1.36 per share, related to the sale of Marshall Field’s and Mervyn’s, which was completed in mid-2004.

Looking ahead, the company is planning a number of initiatives to spur business in 2005. According to Gregg Steinhafel, president of Target Stores, the retailer is increasing its efforts to sell foodstuffs at its stores. “We’ve intensified our focus on key food-related holidays, such as Easter, graduation, the fourth of July, Thanksgiving and Christmas, giving our guests more reason to shop our stores for seasonal food items,” he said during Thursday’s earnings conference call. “We’re offering an increased selection of prepared foods, meals ready in less than 30 minutes, and wine in more than 300 stores.”

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