Minneapolis, Target Corp. reported net earnings of $825 million in its fourth quarter, flat from the year-ago period. The figure was reduced by $65 million by a change in the way the retailer accounts for leases. Sales were up 11.1% to $14.9 billion for the quarter, aided by comps growth of 5.4%.
For the full year, Target posted net earnings of $3.2 billion, up 76.7% from the year before. Those earnings include a gain of $1.24 billion related to the sale of the Marshall Field’s and Mervyn’s chains. Total revenues increased 11.5% to $46.84 billion, driven by a 5.3% gain in same-store sales.
In other earnings news:
• RadioShack Corp. said its income grew 2.8% to $130.9 million in its fourth quarter, aided by a 7% sales improvement to $1.6 million and same-store sales growth of 3%. For the fiscal year, the retailer’s net income was up 13% to $337.2 million, helped by a 4% gain in sales to $4.84 billion and a comps improvement of 3%.
• Advance Auto Parts Inc. posted net income of $32.1 million in its recently completed fourth quarter, up 2.5% from the year-ago period. Net sales grew 3.4% to $848.8 million, supported by same-store sales growth of 9.7%. For the full year, the retailer recorded net income of $188 million, up 50.5% from the year-ago period. Net sales increased 7.9% to $3.8 billion on the strength of a 6.1% improvement in comps.
• Cabela’s Inc. recorded fourth-quarter net income of $38.5 million, up 9.9% from the same quarter of the previous year. Total revenues increased 5.7% to $579.1 million. For the 13-week period, same-store sales fell 1.2% compared with the year-ago period. For the full year, Cabela’s net income rose 26.5% to $65 million, helped by a 11.4% gain in sales to $1.56 billion. However, same-store sales slipped by 0.6%.