(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Emerging growth company |
(99) | ||||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL). |
TARGET CORPORATION | |||||
Date: March 2, 2021 | /s/ Michael J. Fiddelke | ||||
Michael J. Fiddelke | |||||
Executive Vice President and Chief Financial Officer |
Exhibit (99) |
![]() |
Contacts: | John Hulbert, Investors, (612) 761-6627 | ||||
Erin Conroy, Media, (612) 761-5928 | |||||
Target Media Hotline, (612) 696-3400 |
1Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items. See the tables of this release for additional information about the items that have been excluded from Adjusted EPS. | ||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||
(millions, except per share data) (unaudited) | January 30, 2021 | February 1, 2020 | Change | January 30, 2021 | February 1, 2020 | Change | ||||||||||||||||||||||||||||||||
Sales | $ | 27,997 | $ | 23,133 | 21.0 | % | $ | 92,400 | $ | 77,130 | 19.8 | % | ||||||||||||||||||||||||||
Other revenue | 342 | 265 | 28.7 | 1,161 | 982 | 18.2 | ||||||||||||||||||||||||||||||||
Total revenue | 28,339 | 23,398 | 21.1 | 93,561 | 78,112 | 19.8 | ||||||||||||||||||||||||||||||||
Cost of sales | 20,485 | 17,056 | 20.1 | 66,177 | 54,864 | 20.6 | ||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 5,448 | 4,504 | 20.9 | 18,615 | 16,233 | 14.7 | ||||||||||||||||||||||||||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) | 570 | 640 | (10.8) | 2,230 | 2,357 | (5.4) | ||||||||||||||||||||||||||||||||
Operating income | 1,836 | 1,198 | 53.2 | 6,539 | 4,658 | 40.4 | ||||||||||||||||||||||||||||||||
Net interest expense | 106 | 118 | (9.3) | 977 | 477 | 105.1 | ||||||||||||||||||||||||||||||||
Net other (income) / expense | — | 29 | (106.3) | 16 | (9) | (285.9) | ||||||||||||||||||||||||||||||||
Earnings from continuing operations before income taxes | 1,730 | 1,051 | 64.7 | 5,546 | 4,190 | 32.4 | ||||||||||||||||||||||||||||||||
Provision for income taxes | 350 | 218 | 60.6 | 1,178 | 921 | 27.9 | ||||||||||||||||||||||||||||||||
Net earnings from continuing operations | 1,380 | 833 | 65.8 | 4,368 | 3,269 | 33.6 | ||||||||||||||||||||||||||||||||
Discontinued operations, net of tax | — | 1 | — | 12 | ||||||||||||||||||||||||||||||||||
Net earnings | $ | 1,380 | $ | 834 | 65.6 | % | $ | 4,368 | $ | 3,281 | 33.1 | % | ||||||||||||||||||||||||||
Basic earnings per share | ||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 2.76 | $ | 1.64 | 67.7 | % | $ | 8.72 | $ | 6.39 | 36.4 | % | ||||||||||||||||||||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||||||||||||||||||||||||
Net earnings per share | $ | 2.76 | $ | 1.65 | 67.4 | % | $ | 8.72 | $ | 6.42 | 35.8 | % | ||||||||||||||||||||||||||
Diluted earnings per share | ||||||||||||||||||||||||||||||||||||||
Continuing operations | $ | 2.73 | $ | 1.63 | 67.7 | % | $ | 8.64 | $ | 6.34 | 36.3 | % | ||||||||||||||||||||||||||
Discontinued operations | — | — | — | 0.02 | ||||||||||||||||||||||||||||||||||
Net earnings per share | $ | 2.73 | $ | 1.63 | 67.5 | % | $ | 8.64 | $ | 6.36 | 35.8 | % | ||||||||||||||||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||||||||||||||||||
Basic | 500.8 | 506.2 | (1.1) | % | 500.6 | 510.9 | (2.0) | % | ||||||||||||||||||||||||||||||
Diluted | 506.0 | 511.9 | (1.2) | % | 505.4 | 515.6 | (2.0) | % | ||||||||||||||||||||||||||||||
Antidilutive shares | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared per share | $ | 0.68 | $ | 0.66 | 3.0 | % | $ | 2.70 | $ | 2.62 | 3.1 | % |
(millions, except footnotes) (unaudited) | January 30, 2021 | February 1, 2020 | ||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 8,511 | $ | 2,577 | ||||||||||
Inventory | 10,653 | 8,992 | ||||||||||||
Other current assets | 1,592 | 1,333 | ||||||||||||
Total current assets | 20,756 | 12,902 | ||||||||||||
Property and equipment | ||||||||||||||
Land | 6,141 | 6,036 | ||||||||||||
Buildings and improvements | 31,557 | 30,603 | ||||||||||||
Fixtures and equipment | 5,914 | 6,083 | ||||||||||||
Computer hardware and software | 2,765 | 2,692 | ||||||||||||
Construction-in-progress | 780 | 533 | ||||||||||||
Accumulated depreciation | (20,278) | (19,664) | ||||||||||||
Property and equipment, net | 26,879 | 26,283 | ||||||||||||
Operating lease assets | 2,227 | 2,236 | ||||||||||||
Other noncurrent assets | 1,386 | 1,358 | ||||||||||||
Total assets | $ | 51,248 | $ | 42,779 | ||||||||||
Liabilities and shareholders’ investment | ||||||||||||||
Accounts payable | $ | 12,859 | $ | 9,920 | ||||||||||
Accrued and other current liabilities | 6,122 | 4,406 | ||||||||||||
Current portion of long-term debt and other borrowings | 1,144 | 161 | ||||||||||||
Total current liabilities | 20,125 | 14,487 | ||||||||||||
Long-term debt and other borrowings | 11,536 | 11,338 | ||||||||||||
Noncurrent operating lease liabilities | 2,218 | 2,275 | ||||||||||||
Deferred income taxes | 990 | 1,122 | ||||||||||||
Other noncurrent liabilities | 1,939 | 1,724 | ||||||||||||
Total noncurrent liabilities | 16,683 | 16,459 | ||||||||||||
Shareholders’ investment | ||||||||||||||
Common stock | 42 | 42 | ||||||||||||
Additional paid-in capital | 6,329 | 6,226 | ||||||||||||
Retained earnings | 8,825 | 6,433 | ||||||||||||
Accumulated other comprehensive loss | (756) | (868) | ||||||||||||
Total shareholders’ investment | 14,440 | 11,833 | ||||||||||||
Total liabilities and shareholders’ investment | $ | 51,248 | $ | 42,779 |
Twelve Months Ended | ||||||||||||||
(millions) (unaudited) | January 30, 2021 | February 1, 2020 | ||||||||||||
Operating activities | ||||||||||||||
Net earnings | $ | 4,368 | $ | 3,281 | ||||||||||
Earnings from discontinued operations, net of tax | — | 12 | ||||||||||||
Net earnings from continuing operations | 4,368 | 3,269 | ||||||||||||
Adjustments to reconcile net earnings to cash provided by operations: | ||||||||||||||
Depreciation and amortization | 2,485 | 2,604 | ||||||||||||
Share-based compensation expense | 200 | 147 | ||||||||||||
Deferred income taxes | (184) | 178 | ||||||||||||
Loss on debt extinguishment | 512 | 10 | ||||||||||||
Noncash losses / (gains) and other, net | 86 | 29 | ||||||||||||
Changes in operating accounts: | ||||||||||||||
Inventory | (1,661) | 505 | ||||||||||||
Other assets | (137) | 18 | ||||||||||||
Accounts payable | 2,925 | 140 | ||||||||||||
Accrued and other liabilities | 1,931 | 199 | ||||||||||||
Cash provided by operating activities—continuing operations | 10,525 | 7,099 | ||||||||||||
Cash provided by operating activities—discontinued operations | — | 18 | ||||||||||||
Cash provided by operations | 10,525 | 7,117 | ||||||||||||
Investing activities | ||||||||||||||
Expenditures for property and equipment | (2,649) | (3,027) | ||||||||||||
Proceeds from disposal of property and equipment | 42 | 63 | ||||||||||||
Other investments | 16 | 20 | ||||||||||||
Cash required for investing activities | (2,591) | (2,944) | ||||||||||||
Financing activities | ||||||||||||||
Additions to long-term debt | 2,480 | 1,739 | ||||||||||||
Reductions of long-term debt | (2,415) | (2,069) | ||||||||||||
Dividends paid | (1,343) | (1,330) | ||||||||||||
Repurchase of stock | (745) | (1,565) | ||||||||||||
Stock option exercises | 23 | 73 | ||||||||||||
Cash required for financing activities | (2,000) | (3,152) | ||||||||||||
Net increase in cash and cash equivalents | 5,934 | 1,021 | ||||||||||||
Cash and cash equivalents at beginning of period | 2,577 | 1,556 | ||||||||||||
Cash and cash equivalents at end of period | $ | 8,511 | $ | 2,577 |
Rate Analysis | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
Gross margin rate | 26.8 | % | 26.3 | % | 28.4 | % | 28.9 | % | ||||||||||||||||||
SG&A expense rate | 19.2 | 19.3 | 19.9 | 20.8 | ||||||||||||||||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate | 2.0 | 2.7 | 2.4 | 3.0 | ||||||||||||||||||||||
Operating income margin rate | 6.5 | 5.1 | 7.0 | 6.0 |
Comparable Sales | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
Comparable sales change | 20.5 | % | 1.5 | % | 19.3 | % | 3.4 | % | ||||||||||||||||||
Drivers of change in comparable sales: | ||||||||||||||||||||||||||
Number of transactions | 6.5 | 1.3 | 3.7 | 2.7 | ||||||||||||||||||||||
Average transaction amount | 13.1 | 0.2 | 15.0 | 0.7 |
Contribution to Comparable Sales Change | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
Stores originated channel comparable sales change | 6.9 | % | (0.7) | % | 7.2 | % | 1.4 | % | ||||||||||||||||||
Contribution from digitally originated sales to comparable sales | 13.6 | 2.2 | 12.1 | 1.9 | ||||||||||||||||||||||
Total comparable sales change | 20.5 | % | 1.5 | % | 19.3 | % | 3.4 | % |
Sales by Channel | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
Stores originated | 77.9 | % | 87.7 | % | 82.1 | % | 91.2 | % | ||||||||||||||||||
Digitally originated | 22.1 | 12.3 | 17.9 | 8.8 | ||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % |
RedCard Penetration | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
Target Debit Card | 12.4 | % | 12.4 | % | 12.3 | % | 12.6 | % | ||||||||||||||||||
Target Credit Cards | 9.3 | 10.9 | 9.2 | 10.7 | ||||||||||||||||||||||
Total RedCard Penetration | 21.7 | % | 23.3 | % | 21.5 | % | 23.3 | % |
Number of Stores and Retail Square Feet | Number of Stores | Retail Square Feet (a) | ||||||||||||||||||||||||
(unaudited) | January 30, 2021 | February 1, 2020 | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||
170,000 or more sq. ft. | 273 | 272 | 48,798 | 48,619 | ||||||||||||||||||||||
50,000 to 169,999 sq. ft. | 1,509 | 1,505 | 189,508 | 189,227 | ||||||||||||||||||||||
49,999 or less sq. ft. | 115 | 91 | 3,342 | 2,670 | ||||||||||||||||||||||
Total | 1,897 | 1,868 | 241,648 | 240,516 |
Reconciliation of Non-GAAP Adjusted EPS | Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||
January 30, 2021 | February 1, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(millions, except per share data) (unaudited) | Pretax | Net of Tax | Per Share | Pretax | Net of Tax | Per Share | Change | |||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share from continuing operations | $ | 2.73 | $ | 1.63 | 67.7 | % | ||||||||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | $ | — | $ | — | $ | — | $ | 10 | $ | 8 | $ | 0.02 | ||||||||||||||||||||||||||||||||
(Gain) / loss on investment (a) | — | (3) | (0.01) | 41 | 31 | 0.06 | ||||||||||||||||||||||||||||||||||||||
Other (b) | (5) | (4) | (0.01) | (9) | (6) | (0.01) | ||||||||||||||||||||||||||||||||||||||
Other income tax matters (c) | — | (21) | (0.04) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations | $ | 2.67 | $ | 1.69 | 58.2 | % |
Reconciliation of Non-GAAP Adjusted EPS | Twelve Months Ended | |||||||||||||||||||||||||||||||||||||||||||
January 30, 2021 | February 1, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(millions, except per share data) (unaudited) | Pretax | Net of Tax | Per Share | Pretax | Net of Tax | Per Share | Change | |||||||||||||||||||||||||||||||||||||
GAAP diluted earnings per share from continuing operations | $ | 8.64 | $ | 6.34 | 36.3 | % | ||||||||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | $ | 512 | $ | 379 | $ | 0.75 | $ | 10 | $ | 8 | $ | 0.01 | ||||||||||||||||||||||||||||||||
Loss on investment (a) | 19 | 14 | 0.03 | 41 | 31 | 0.06 | ||||||||||||||||||||||||||||||||||||||
Other (b) | 28 | 20 | 0.04 | (17) | (13) | (0.02) | ||||||||||||||||||||||||||||||||||||||
Other income tax matters (c) | — | (21) | (0.04) | — | — | — | ||||||||||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations | $ | 9.42 | $ | 6.39 | 47.4 | % |
EBIT and EBITDA | Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||||||||||||||
(dollars in millions) (unaudited) | January 30, 2021 | February 1, 2020 | Change | January 30, 2021 | February 1, 2020 | Change | ||||||||||||||||||||||||||||||||
Net earnings from continuing operations | $ | 1,380 | $ | 833 | 65.8 | % | $ | 4,368 | $ | 3,269 | 33.6 | % | ||||||||||||||||||||||||||
+ Provision for income taxes | 350 | 218 | 60.6 | 1,178 | 921 | 27.9 | ||||||||||||||||||||||||||||||||
+ Net interest expense | 106 | 118 | (9.3) | 977 | 477 | 105.1 | ||||||||||||||||||||||||||||||||
EBIT | $ | 1,836 | $ | 1,169 | 57.3 | % | $ | 6,523 | $ | 4,667 | 39.8 | % | ||||||||||||||||||||||||||
+ Total depreciation and amortization (a) | 637 | 699 | (9.2) | 2,485 | 2,604 | (4.6) | ||||||||||||||||||||||||||||||||
EBITDA | $ | 2,473 | $ | 1,868 | 32.4 | % | $ | 9,008 | $ | 7,271 | 23.9 | % |
After-Tax Return on Invested Capital | ||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
Trailing Twelve Months | ||||||||||||||||||||||||||
Numerator | January 30, 2021 | February 1, 2020 | ||||||||||||||||||||||||
Operating income | $ | 6,539 | $ | 4,658 | ||||||||||||||||||||||
+ Net other income / (expense) | (16) | 9 | ||||||||||||||||||||||||
EBIT | 6,523 | 4,667 | ||||||||||||||||||||||||
+ Operating lease interest (a) | 87 | 86 | ||||||||||||||||||||||||
- Income taxes (b) | 1,404 | 1,045 | ||||||||||||||||||||||||
Net operating profit after taxes | $ | 5,206 | $ | 3,708 |
Denominator | January 30, 2021 | February 1, 2020 | February 2, 2019 | |||||||||||||||||
Current portion of long-term debt and other borrowings | $ | 1,144 | $ | 161 | $ | 1,052 | ||||||||||||||
+ Noncurrent portion of long-term debt | 11,536 | 11,338 | 10,223 | |||||||||||||||||
+ Shareholders' investment | 14,440 | 11,833 | 11,297 | |||||||||||||||||
+ Operating lease liabilities (c) | 2,429 | 2,475 | 2,170 | |||||||||||||||||
- Cash and cash equivalents | 8,511 | 2,577 | 1,556 | |||||||||||||||||
Invested capital | $ | 21,038 | $ | 23,230 | $ | 23,186 | ||||||||||||||
Average invested capital (d) | $ | 22,134 | $ | 23,208 |
After-tax return on invested capital | 23.5 | % | 16.0 | % |
Document and Entity Information Document and Entity Information |
Mar. 02, 2021 |
---|---|
Cover Page [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 02, 2021 |
Entity Registrant Name | Target Corp |
Entity Central Index Key | 0000027419 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | MN |
Entity File Number | 1-6049 |
Entity Tax Identification Number | 41-0215170 |
Entity Address, Address Line One | 1000 Nicollet Mall, |
Entity Address, City or Town | Minneapolis, |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55403 |
City Area Code | (612) |
Local Phone Number | 304-6073 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, par value $0.0833 per share |
Trading Symbol | TGT |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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