Target to buy back as much as $5 billion shares in next 3 years

Target Corp., the second-largest U.S. discount retailer, will buy back as much as $5 billion of its shares.

Repurchases under the new authorization will start after the completion of the current $10 billion program in early 2012, the Minneapolis-based company said in a statement today. Target expects to complete the new $5 billion authorization in the next two to three years.

Target, led by Chief Executive Officer Gregg Steinhafel, reported December same-store sales that trailed analysts’ estimates, citing “softness” in electronics, movies and books.

The shares rose 1.5 percent to $49.76 at 8:20 a.m. in New York and dropped 15 percent last year.