US-based retail corporation Target has reported its full-year revenue for the fiscal year 2021 (FY21) reached $106bn, growing by 13.3% compared with 2020.

The company’s full-year sales amounted to $104.6bn, a 13.2% increase from the $92.4bn recorded last year.

Driven by double-digit comparable sales growth across all five of its core merchandise categories, Target’s comparable sales for FY21 grew by 12.7%.

The retailer’s operating income for the year was $8.9bn, up by 36.8% from $6.5bn in FY20.

Target recorded an operating income margin rate of 8.4% for the year, almost 150 basis points higher than in 2020.

For the fourth quarter (Q4), the retailer’s total comparable sales grew by 8.9%, reflecting an 8.9% growth in comparable store sales and a 9.2% increase in digital sales.

Target’s total revenue increased by 9.4% to $31.0bn compared with the same period of last year.

The company’s operating income for the quarter was $2.1bn, up by 14.1% against $1.8bn in FY20.

For FY22, Target expects its revenue growth to be in the low to mid-single digit range, while its operating margin rate is forecast to increase by 8% or more.

Target chairman and CEO Brian Cornell said: “Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth.

“As we look ahead, we’ll keep investing and delivering on all that has earned the loyalty and trust of our guests; that starts with our outstanding team and includes continued differentiation through affordability, assortment, ease and convenience.”

In a separate development, Target has announced plans to invest up to $5bn to expand its operations this year.

The company will open around 30 stores and ten sortation centres, including five across Dallas, Houston, Austin, Atlanta and Philadelphia, in the coming months, with another five due to open later this year.