Target on Target

Target Corp. (Minneapolis) announced a 6 percent increase in revenues while same-store sales fell 2.2 percent in the fourth quarter 2002 ended Feb. 1, 2003.

The results were generally in line with financial analysts' predictions.

Same-store sales were down 1.1 percent at Target Stores, down 9.3 percent at Mervyn's and down 6.2 percent at Marshall Field's department stores.

Total sales were up 9 percent at Target stores, down 9.1 percent at Mervyn's and down 6.2 percent at Marshall Field's.

For the full year, earnings were up 20 percent corporate-wide and revenues increased 10 percent.

“We are pleased with our overall financial results for fiscal 2002, especially in light of our relatively soft sales performance,” said chairman and ceo Bob Ulrich.

The retailer is reportedly planning to open 32 SuperTargets this year.