For the full year, profit was US$2.41 billion (£1.39 billion), compared with US$1.89 billion (£1.09 billion) in 2004, on sales of more than US$50 billion (£28.75 billion). Like-for-like sales improved by 5.6 per cent.
The company is to open another 110 stores this year, adding to its 1,239 discount stores and 136 hypermarket-style SuperTargets. It will focus on developing its food business.
About half of the discount stores offer a limited range of food products but food will be introduced into more stores this year. The SuperTarget stores already stock a full-line supermarket offer and sales have been higher in these than in the non-food-only stores, the company said.
'We continue to grow SuperTarget square footage at a sharply faster rate than our general merchandise square footage,' said Target Corporation chairman and chief executive officer Bob Ulrich.
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