Target Corporation Reports Second Quarter Earnings
Target Corporation reported second quarter 2021 results showing comparable sales growth of 8.9%, following last year's record growth of 24.3%. GAAP EPS reached $3.65, up 8.9% year-over-year. Digital sales increased by 10%, with same-day services surging nearly 55%. Total revenue grew to $25.2 billion, a 9.5% rise. Target's Board approved a new $15 billion share repurchase program. For the second half of 2021, comparable sales growth is expected to be high single digits, with an operating income margin forecast of 8% or higher.
- 8.9% growth in comparable sales, indicating strong consumer demand.
- GAAP EPS of $3.65, up 8.9% year-over-year, reflecting profitability.
- New $15 billion share repurchase program announced, reinforcing shareholder value.
- Operating income increased to $2.5 billion, up 7.2% from last year.
- Gross margin rate decreased to 30.4% from 30.9%, impacted by higher costs.
- Operating income margin rate declined slightly to 9.8% from 10.0%.
MINNEAPOLIS, Aug. 18, 2021 /PRNewswire/ --
- Second quarter comparable sales grew 8.9 percent, on top of record growth of 24.3 percent last year.
- Comparable sales growth was driven entirely by traffic.
- Store comparable sales increased 8.7 percent, on top of 10.9 percent growth last year.
- Digital comparable sales grew 10 percent, following growth of 195 percent last year.
- Digital sales continue to be led by same-day services (Order Pickup, Drive Up and Shipt), which grew nearly 55 percent this year, on top of more than 270 percent last year.
- More than 95 percent of Target's second quarter sales were fulfilled by its stores.
- All five core merchandise categories delivered positive comparable sales, on top of last year's historic sales performance.
- Second quarter GAAP EPS of
$3.65 was 8.9 percent higher than last year, and Adjusted EPS1 of$3.64 was 7.9 percent higher than last year. Second quarter GAAP and Adjusted EPS have doubled since Q2 2019. - Target's Board of Directors has approved a new,
$15 billion share repurchase program. - For additional media materials, please visit:
https://corporate.target.com/article/2021/08/q2-2021-earnings
Target Corporation (NYSE: TGT) today announced its second quarter 2021 financial results, which reflected increases in both sales and profitability on top of record growth a year ago. The Company reported second quarter GAAP earnings per share (EPS) of
1 Adjusted 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. |
Brian Cornell, chairman and CEO of Target Corporation, said, "In the second quarter, our business generated continued growth on top of record increases a year ago, reinforcing Target's leadership position in retail. We've spent years building and investing in the durable model we have today, which is supported by a differentiated strategy and the best team in retail.
Even after unprecedented growth over the last two years, we see much more opportunity ahead of us, and we're leaning into opportunities to invest in the long-term growth and resiliency of our business. Our team and operating model can seamlessly adapt to changes in the environment, and we're well-positioned to deliver outstanding performance in the back half of the year."
Fiscal 2021 Guidance
For the second half of 2021, the Company expects high single digit growth in comparable sales, near the high end of the previous guidance range.
The Company now expects its full year operating income margin rate will be 8 percent or higher.
Operating Results
Comparable sales grew 8.9 percent in the second quarter, reflecting comparable store sales growth of 8.7 percent and comparable digital sales growth of 10 percent. Total revenue of
Second quarter operating income margin rate was 9.8 percent in 2021 compared with 10.0 percent in 2020. Second quarter gross margin rate was 30.4 percent, compared with 30.9 percent in 2020. This year's gross margin rate reflected pressure from higher merchandise and freight costs and the comparison over last year's change in the sales return reserve estimate. These pressures were partially offset by the benefit of low markdowns, favorable category mix, and a shift in fulfillment mix into lower-cost same-day fulfillment options. Second quarter SG&A expense rate was 19.3 percent in 2021, compared with 19.4 percent in 2020, reflecting the benefit of leverage from strong sales growth, partially offset by expense rate increases to normalized levels in various expense categories, such as marketing.
Interest Expense and Taxes
The Company's second quarter 2021 net interest expense was
Second quarter 2021 effective income tax rate was 23.4 percent, compared with 22.8 percent last year. The rate increase was driven by significantly higher earnings, which diluted the benefit of fixed and discrete tax items.
Capital Deployment and Return on Invested Capital
The Company paid dividends of
The Company repurchased
In addition, the Company announced today that Target's Board of Directors has authorized a new,
"For decades, Target's capital deployment priorities have remained the same: First, we fully invest in our business, in projects that meet our strategic and financial criteria. Then, we return capital to our shareholders through a thoughtful balance of dividends and share repurchases, within the limits of our middle-A debt ratings," said Michael Fiddelke, executive vice president and chief financial officer of Target Corporation. "Our continued strong operating performance and ability to generate cash have supported meaningful investments in our team and our business, along with the return of capital through both dividends and share repurchases. This new authorization reflects our confidence in the sustained, strong performance of our business, which will enable continued share repurchases in keeping with our long-standing capital deployment goals."
For the trailing twelve months through second quarter 2021, after-tax return on invested capital (ROIC) was 31.7 percent, compared with 17.2 percent for the trailing twelve months through second quarter 2020. The increase in ROIC was driven primarily by increased profitability. The tables in this release provide additional information about the Company's ROIC calculation.
Webcast Details
Target will webcast its second quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Investors.Target.com (click on link under "Upcoming Events"). A replay of the webcast will be provided when available. The replay number is 1-800-925-2388.
Miscellaneous
Statements in this release regarding second half and full year comparable sales growth and operating margin rates are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's actions to differ materially. The most important risks and uncertainties are described in Item 1A of the Company's Form 10-K for the fiscal year ended January 30, 2021. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.
About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,900 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given
For more on the Target Foundation, click here.
TARGET CORPORATION | ||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||
(millions, except per share data) (unaudited) | July 31, 2021 | August 1, 2020 | Change | July 31, 2021 | August 1, 2020 | Change | ||||||||||||||||
Sales | $ | 24,826 | $ | 22,696 | 9.4 | % | $ | 48,705 | $ | 42,067 | 15.8 | % | ||||||||||
Other revenue | 334 | 279 | 20.0 | 652 | 523 | 24.8 | ||||||||||||||||
Total revenue | 25,160 | 22,975 | 9.5 | 49,357 | 42,590 | 15.9 | ||||||||||||||||
Cost of sales | 17,280 | 15,673 | 10.3 | 33,996 | 30,183 | 12.6 | ||||||||||||||||
Selling, general and administrative expenses | 4,849 | 4,460 | 8.8 | 9,358 | 8,520 | 9.8 | ||||||||||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) | 564 | 542 | 4.0 | 1,162 | 1,119 | 3.9 | ||||||||||||||||
Operating income | 2,467 | 2,300 | 7.2 | 4,841 | 2,768 | 74.9 | ||||||||||||||||
Net interest expense | 104 | 122 | (15.5) | 212 | 239 | (11.7) | ||||||||||||||||
Net other (income) / expense | (7) | (11) | (31.3) | (350) | 11 | NM(a) | ||||||||||||||||
Earnings before income taxes | 2,370 | 2,189 | 8.3 | 4,979 | 2,518 | 97.7 | ||||||||||||||||
Provision for income taxes | 553 | 499 | 11.3 | 1,065 | 544 | 95.9 | ||||||||||||||||
Net earnings | $ | 1,817 | $ | 1,690 | 7.4 | % | $ | 3,914 | $ | 1,974 | 98.2 | % | ||||||||||
Basic earnings per share | $ | 3.68 | $ | 3.38 | 9.0 | % | $ | 7.89 | $ | 3.94 | 100.1 | % | ||||||||||
Diluted earnings per share | $ | 3.65 | $ | 3.35 | 8.9 | % | $ | 7.82 | $ | 3.91 | 100.1 | % | ||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||||
Basic | 493.1 | 500.1 | (1.4) | % | 495.8 | 500.6 | (0.9) | % | ||||||||||||||
Diluted | 497.5 | 504.4 | (1.4) | % | 500.4 | 505.1 | (0.9) | % | ||||||||||||||
Antidilutive shares | — | — | — | — | ||||||||||||||||||
Dividends declared per share | $ | 0.90 | $ | 0.68 | 32.4 | % | $ | 1.58 | $ | 1.34 | 17.9 | % | ||||||||||
(a) | Not meaningful. |
TARGET CORPORATION | ||||||||||||
Consolidated Statements of Financial Position | ||||||||||||
(millions, except footnotes) (unaudited) | July 31, 2021 | January 30, 2021 | August 1, 2020 | |||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 7,368 | $ | 8,511 | $ | 7,284 | ||||||
Inventory | 11,259 | 10,653 | 8,876 | |||||||||
Other current assets | 1,604 | 1,592 | 1,463 | |||||||||
Total current assets | 20,231 | 20,756 | 17,623 | |||||||||
Property and equipment | ||||||||||||
Land | 6,148 | 6,141 | 6,027 | |||||||||
Buildings and improvements | 32,133 | 31,557 | 30,946 | |||||||||
Fixtures and equipment | 5,892 | 5,914 | 5,665 | |||||||||
Computer hardware and software | 2,260 | 2,765 | 2,631 | |||||||||
Construction-in-progress | 944 | 780 | 811 | |||||||||
Accumulated depreciation | (20,133) | (20,278) | (19,341) | |||||||||
Property and equipment, net | 27,244 | 26,879 | 26,739 | |||||||||
Operating lease assets | 2,503 | 2,227 | 2,233 | |||||||||
Other noncurrent assets | 1,407 | 1,386 | 1,405 | |||||||||
Total assets | $ | 51,385 | $ | 51,248 | $ | 48,000 | ||||||
Liabilities and shareholders' investment | ||||||||||||
Accounts payable | $ | 12,632 | $ | 12,859 | $ | 10,726 | ||||||
Accrued and other current liabilities | 5,600 | 6,122 | 5,057 | |||||||||
Current portion of long-term debt and other borrowings | 1,190 | 1,144 | 109 | |||||||||
Total current liabilities | 19,422 | 20,125 | 15,892 | |||||||||
Long-term debt and other borrowings | 11,589 | 11,536 | 14,188 | |||||||||
Noncurrent operating lease liabilities | 2,462 | 2,218 | 2,241 | |||||||||
Deferred income taxes | 1,146 | 990 | 1,121 | |||||||||
Other noncurrent liabilities | 1,906 | 1,939 | 1,980 | |||||||||
Total noncurrent liabilities | 17,103 | 16,683 | 19,530 | |||||||||
Shareholders' investment | ||||||||||||
Common stock | 41 | 42 | 42 | |||||||||
Additional paid-in capital | 6,332 | 6,329 | 6,248 | |||||||||
Retained earnings | 9,200 | 8,825 | 7,121 | |||||||||
Accumulated other comprehensive loss | (713) | (756) | (833) | |||||||||
Total shareholders' investment | 14,860 | 14,440 | 12,578 | |||||||||
Total liabilities and shareholders' investment | $ | 51,385 | $ | 51,248 | $ | 48,000 | ||||||
Common Stock Authorized 6,000,000,000 shares,
Preferred Stock Authorized 5,000,000 shares,
TARGET CORPORATION | ||||||||
Consolidated Statements of Cash Flows | ||||||||
Six Months Ended | ||||||||
(millions) (unaudited) | July 31, 2021 | August 1, 2020 | ||||||
Operating activities | ||||||||
Net earnings | $ | 3,914 | $ | 1,974 | ||||
Adjustments to reconcile net earnings to cash provided by operating activities: | ||||||||
Depreciation and amortization | 1,300 | 1,245 | ||||||
Share-based compensation expense | 138 | 104 | ||||||
Deferred income taxes | 143 | (12) | ||||||
Gain on Dermstore sale | (335) | — | ||||||
Noncash losses / (gains) and other, net | 7 | 86 | ||||||
Changes in operating accounts: | ||||||||
Inventory | (606) | 116 | ||||||
Other assets | 3 | (14) | ||||||
Accounts payable | (311) | 795 | ||||||
Accrued and other liabilities | (831) | 822 | ||||||
Cash provided by operating activities | 3,422 | 5,116 | ||||||
Investing activities | ||||||||
Expenditures for property and equipment | (1,338) | (1,414) | ||||||
Proceeds from disposal of property and equipment | 15 | 10 | ||||||
Proceeds from Dermstore sale | 356 | — | ||||||
Other investments | (5) | 2 | ||||||
Cash required for investing activities | (972) | (1,402) | ||||||
Financing activities | ||||||||
Additions to long-term debt | — | 2,480 | ||||||
Reductions of long-term debt | (72) | (126) | ||||||
Dividends paid | (676) | (662) | ||||||
Repurchase of stock | (2,850) | (706) | ||||||
Stock option exercises | 5 | 7 | ||||||
Cash (required for) / provided by financing activities | (3,593) | 993 | ||||||
Net (decrease) / increase in cash and cash equivalents | (1,143) | 4,707 | ||||||
Cash and cash equivalents at beginning of period | 8,511 | 2,577 | ||||||
Cash and cash equivalents at end of period | $ | 7,368 | $ | 7,284 | ||||
TARGET CORPORATION | ||||||||||||
Operating Results | ||||||||||||
Rate Analysis | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Gross margin rate | 30.4 | % | 30.9 | % | 30.2 | % | 28.3 | % | ||||
SG&A expense rate | 19.3 | 19.4 | 19.0 | 20.0 | ||||||||
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate | 2.2 | 2.4 | 2.4 | 2.6 | ||||||||
Operating income margin rate | 9.8 | 10.0 | 9.8 | 6.5 | ||||||||
Note: Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue. Other revenue includes | ||||||||||||
Comparable Sales | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Comparable sales change | 8.9 | % | 24.3 | % | 15.3 | % | 17.7 | % | ||||
Drivers of change in comparable sales | ||||||||||||
Number of transactions | 12.7 | 4.6 | 14.8 | 1.6 | ||||||||
Average transaction amount | (3.4) | 18.8 | 0.5 | 15.8 | ||||||||
Comparable Sales by Channel | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Stores originated comparable sales change | 8.7 | % | 10.9 | % | 13.0 | % | 6.0 | % | ||||
Digitally originated comparable sales change | 9.9 | 195.4 | 27.3 | 168.9 | ||||||||
Sales by Channel | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Stores originated | 83.0 | % | 82.8 | % | 82.3 | % | 83.7 | % | ||||
Digitally originated | 17.0 | 17.2 | 17.7 | 16.3 | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||
Sales by Fulfillment Channel | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Stores | 96.6 | % | 96.0 | % | 96.4 | % | 96.3 | % | ||||
Other | 3.4 | 4.0 | 3.6 | 3.7 | ||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||
Note: Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Shipt. | ||||||||||||
RedCard Penetration | Three Months Ended | Six Months Ended | ||||||||||
(unaudited) | July 31, 2021 | August 1, 2020 | July 31, 2021 | August 1, 2020 | ||||||||
Target Debit Card | 11.6 | % | 11.8 | % | 11.9 | % | 12.2 | % | ||||
Target Credit Cards | 8.7 | 8.7 | 8.6 | 9.2 | ||||||||
Total RedCard Penetration | 20.3 | % | 20.5 | % | 20.4 | % | 21.4 | % | ||||
Note: Amounts may not foot due to rounding. | ||||||||||||
Number of Stores and Retail Square Feet | Number of Stores | Retail Square Feet (a) | ||||||||||||||||
(unaudited) | July 31, | January 30, | August 1, | July 31, | January 30, | August 1, | ||||||||||||
170,000 or more sq. ft. | 273 | 273 | 272 | 48,798 | 48,798 | 48,613 | ||||||||||||
50,000 to 169,999 sq. ft. | 1,510 | 1,509 | 1,505 | 189,624 | 189,508 | 189,224 | ||||||||||||
49,999 or less sq. ft. | 126 | 115 | 94 | 3,709 | 3,342 | 2,745 | ||||||||||||
Total | 1,909 | 1,897 | 1,871 | 242,131 | 241,648 | 240,582 | ||||||||||||
(a) | In thousands, reflects total square feet less office, distribution center, and vacant space. |
TARGET CORPORATION
Reconciliation of Non-GAAP Financial Measures
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measure is diluted earnings per share. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.
Reconciliation of Non-GAAP Adjusted EPS | Three Months Ended | ||||||||||||||||||||||||||
July 31, 2021 | August 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 | $ | 3.65 | $ | 3.35 | 8.9 | % | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||
Gain on investment (a) | $ | — | $ | — | $ | — | $ | (9) | $ | (6) | $ | (0.01) | |||||||||||||||
Other (b) | (5) | (4) | (0.01) | 25 | 18 | 0.04 | |||||||||||||||||||||
Adjusted diluted earnings per share | $ | 3.64 | $ | 3.38 | 7.9 | % | |||||||||||||||||||||
Reconciliation of Non-GAAP Adjusted EPS | Six Months Ended | ||||||||||||||||||||||||||
July 31, 2021 | August 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 | $ | 7.82 | $ | 3.91 | 100.1 | % | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||
Gain on Dermstore sale | $ | (335) | $ | (269) | $ | (0.54) | $ | — | $ | — | $ | — | |||||||||||||||
Loss on investment (a) | — | — | — | 12 | 9 | 0.02 | |||||||||||||||||||||
Other (b) | 36 | 27 | 0.05 | 25 | 18 | 0.04 | |||||||||||||||||||||
Adjusted diluted earnings per share | $ | 7.34 | $ | 3.96 | 85.1 | % | |||||||||||||||||||||
Note: Amounts may not foot due to rounding. | |
(a) | Represented a (gain) / loss on our investment in Casper Sleep Inc., which was not core to our operations. We sold this investment during the fourth quarter of 2020. |
(b) | Includes civil unrest-related losses, net of associated insurance recoveries, and headquarters office space impairments, none of which were individually significant. |
Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.
EBIT and EBITDA | Three Months Ended | Six Months Ended | ||||||||||||||||||||
(dollars in millions) (unaudited) | July 31, 2021 | August 1, 2020 | Change | July 31, 2021 | August 1, 2020 | Change | ||||||||||||||||
Net earnings | $ | 1,817 | $ | 1,690 | 7.4 | % | $ | 3,914 | $ | 1,974 | 98.2 | % | ||||||||||
+ Provision for income taxes | 553 | 499 | 11.3 | 1,065 | 544 | 95.9 | ||||||||||||||||
+ Net interest expense | 104 | 122 | (15.5) | 212 | 239 | (11.7) | ||||||||||||||||
EBIT | $ | 2,474 | $ | 2,311 | 7.1 | % | $ | 5,191 | $ | 2,757 | 88.2 | % | ||||||||||
+ Total depreciation and amortization (a) | 633 | 604 | 4.9 | 1,300 | 1,245 | 4.5 | ||||||||||||||||
EBITDA | $ | 3,107 | $ | 2,915 | 6.6 | % | $ | 6,491 | $ | 4,002 | 62.2 | % | ||||||||||
(a) | Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales. |
We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.
After-Tax Return on Invested Capital | ||||||||||||
(dollars in millions) (unaudited) | ||||||||||||
Trailing Twelve Months | ||||||||||||
Numerator | July 31, 2021 | August 1, 2020 | ||||||||||
Operating income | $ | 8,611 | $ | 4,968 | ||||||||
+ Net other income / (expense) | 346 | (28) | ||||||||||
EBIT | 8,957 | 4,940 | ||||||||||
+ Operating lease interest (a) | 84 | 87 | ||||||||||
- Income taxes (b) | 1,918 | 1,076 | ||||||||||
Net operating profit after taxes | $ | 7,123 | $ | 3,951 | ||||||||
Denominator | July 31, 2021 | August 1, 2020 | August 3, 2019 | |||||||||
Current portion of long-term debt and other borrowings | $ | 1,190 | $ | 109 | $ | 1,153 | ||||||
+ Noncurrent portion of long-term debt | 11,589 | 14,188 | 10,365 | |||||||||
+ Shareholders' investment | 14,860 | 12,578 | 11,836 | |||||||||
+ Operating lease liabilities (c) | 2,695 | 2,448 | 2,285 | |||||||||
- Cash and cash equivalents | 7,368 | 7,284 | 1,656 | |||||||||
Invested capital | $ | 22,966 | $ | 22,039 | $ | 23,983 | ||||||
Average invested capital (d) | $ | 22,502 | $ | 23,011 | ||||||||
After-tax return on invested capital | 31.7 | % | 17.2 | % | ||||||||
(a) | Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors. |
(b) | Calculated using the effective tax rates, which were 21.2 percent and 21.4 percent for the trailing twelve months ended July 31, 2021, and August 1, 2020, respectively. For the twelve months ended July 31, 2021, and August 1, 2020, includes tax effect of |
(c) | Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively. |
(d) | Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period. |
View original content to download multimedia:https://www.prnewswire.com/news-releases/target-corporation-reports-second-quarter-earnings-301357519.html
SOURCE Target Corporation
FAQ
What were Target's second quarter earnings results for 2021?
How did digital sales perform for Target in Q2 2021?
What is Target's guidance for the second half of 2021?
What is Target's total revenue for the second quarter of 2021?
What is the new share repurchase program announced by Target?
