Target Reports Fourth Quarter and Fiscal 2012 Earnings
Target Reports Fourth Quarter and Fiscal 2012 Earnings
Target Reports Fourth Quarter and Fiscal 2012 Earnings
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Target</strong> Corporation Announces <strong>Fourth</strong> <strong>Quarter</strong> <strong>and</strong> <strong>Fiscal</strong> <strong>2012</strong> <strong>Earnings</strong> – Page 2 of 6<br />
“We’re pleased with <strong>Target</strong>’s fourth quarter performance, particularly in the face of a highly<br />
promotional retail environment <strong>and</strong> continued consumer uncertainty,” said Gregg Steinhafel,<br />
chairman, president, <strong>and</strong> chief executive officer of <strong>Target</strong> Corporation. “Outst<strong>and</strong>ing discipline <strong>and</strong><br />
execution by our team allowed us to achieve our full-year financial <strong>and</strong> strategic goals in <strong>2012</strong>. We<br />
believe these results position us well to deliver on significant plans in 2013, including completion of<br />
the largest store opening program in our company’s history with 124 stores in Canada <strong>and</strong> additional<br />
<strong>Target</strong> <strong>and</strong> City<strong>Target</strong> locations in the U.S., investing in new processes <strong>and</strong> technology that will<br />
improve our guests’ multichannel experience <strong>and</strong> closing the sale of our credit card receivables.”<br />
<strong>Fiscal</strong> 2013 <strong>Earnings</strong> Guidance<br />
For fiscal 2013, the Company expects adjusted EPS of $4.85 to $5.05 <strong>and</strong> GAAP EPS of<br />
$4.70 to $4.90. The difference between the adjusted <strong>and</strong> GAAP EPS ranges reflects expected EPS<br />
dilution related to our Canadian Segment of approximately (45) cents, partially offset by expected<br />
accounting impacts of approximately 30 cents associated with the sale of <strong>Target</strong>’s entire consumer<br />
credit card receivables portfolio to TD Bank Group, which the Company now expects to close in first<br />
quarter 2013.<br />
In first quarter 2013, the Company expects adjusted EPS of $1.10 to $1.20 <strong>and</strong> GAAP EPS of<br />
$1.22 to $1.32. The difference between the adjusted <strong>and</strong> GAAP EPS ranges reflects expected EPS<br />
dilution related to our Canadian Segment of approximately (23) cents, more-than-offset by expected<br />
accounting impacts of approximately 35 cents associated with the sale of <strong>Target</strong>’s entire consumer<br />
credit card receivables portfolio to TD Bank Group.<br />
U.S. Retail Segment Results<br />
As previously reported, sales increased 6.8 percent to $22.4 billion in fourth quarter <strong>2012</strong><br />
from $20.9 billion last year, reflecting a 0.4 percent increase in comparable-store sales combined with<br />
the contribution from new stores <strong>and</strong> one additional accounting week 1 . Segment earnings before<br />
interest expense <strong>and</strong> income taxes (EBIT) were $1,677 million in the fourth quarter of <strong>2012</strong>, an<br />
increase of 3.2 percent from $1,625 million in 2011.<br />
– more –
Change language