MINNEAPOLIS — Target Corp., which reported solid results for the fourth quarter and 2010 fiscal year, expects to tap into new avenues of growth beginning next year.
Target Corp., which reported solid results for the fourth quarter and 2010 fiscal year, expects to tap into new avenues of growth beginning next year.
"Beyond 2011, we plan to expand our store footprint in new ways, opening our first City Target stores in 2012 and opening 100 to 150 Canadian Target stores in 2013 and 2014," said chairman, president and chief executive officer Gregg Steinhafel. "We believe these transformational initiatives position Target for profitable growth in 2011 and many years to come and will create meaningful shareholder value over time."
This year the company’s strategic priorities involve continuing its store remodeling program and its 5% rewards program, and launching a new platform for its Target.com web site.
Those efforts are paying off, according to Steinhafel, who said the company was pleased with its recent results. Target posted a 17% increase in earnings per share for the fourth quarter, and a 21.4% increase for the year.
Same-store sales increased 2.4% for the fourth quarter and 2.1% for the year.