US retailer Target Corp. missed internal targets in 2007 after a slow second half of the year.
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Net earnings inched up from US$2.79bn in 2006 to $2.85bn last year but the result disappointed chairman and CEO Bob Ulrich.
“Our financial performance in 2007 fell short of our expectations as the pace of sales and earnings slowed considerably in the second half of the year,” said Bob Ulrich, chairman and CEO.
Store expansion led to a 6.5% rise in revenue to $63.4bn. Sales on a comparable-store basis increased 3%.
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