Target Q4 Down 41%24 Feb, 2009 By: Chris Tribbey
Target Corp. reported earnings of $609 million during the fourth quarter of 2008 (ended Jan. 31), down 41% from the just over $1 billion it earned during the same period the previous year. For fiscal year 2008, Target reported earnings of $2.21 billion.
The retailer did not mention home entertainment hardware or software specifics during its conference call with investors Feb. 24, or in its fourth-quarter performance press release. Retail sales were down 1.6% in the fourth quarter, compared to the same period the year before, to $19 billion.
“Our financial results for both the fourth quarter and 2008 fiscal year reflect the impact of unprecedented economic conditions on both of our business segments,” said CEO Gregg Steinhafel, about the company’s retail and credit card business.
During 2008, Target netted a total of 91 new stores.