Target growth surge

US retail group Target Corporation has recorded an increase in revenues for 2005 of 12.3 percent to $52.620 billion (£30.340 billion), thanks to a 5.6 percent rise in same-store sales and income from new store expansion and credit card operations. Earnings from continued operations amounted to $939 million in the fourth quarter, while operating profit for the full year rose to $2.408 billion from $1.885 billion the year before.

“Target produced outstanding results in 2005, surpassing $50 billion in sales and generating strong growth in earnings,” said chairman and chief executive Bob Ulrich. Revenues for the fourth quarter rose 11.5 percent to $16.947 billion, with same-store sales rising 4.2 percent. Earnings before interest and tax rose 14 percent to $1.606 billion. At the end of the quarter, Target operated 1,397 stores throughout the US .

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