Target has posted net earnings of $2.93bn (£1.85bn) for its full year and $981m (£619.3m) for the fourth quarter. Target chairman, president and chief executive Gregg Steinhafel, said: “Target generated strong financial performance in 2011, overcoming sluggish economic growth, restrained consumer spending and an intensely promotional holiday season. For the full year, our US businesses generated 14.3% growth in adjusted earnings per share, and we experienced our strongest growth in like-for-like sales since 2007.”

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