featured content

financial news release

Target Corporation Reports Fourth Quarter and Full-Year 2021 Earnings

03/01/22

MINNEAPOLIS, March 1, 2022 /PRNewswire/ --

Q4 2021 Highlights     

  • Comparable sales grew 8.9 percent, on top of 20.5 percent in Q4 2020.
  • Comparable traffic grew 8.1 percent on top of 6.5 percent in Q4 2020.
  • More than 95 percent of Target's fourth quarter sales were fulfilled by its stores.
  • EPS established an all-time high with GAAP EPS of $3.21 and Adjusted EPS1 of $3.19, despite significant investments in team, price, and inventory availability.

Full-Year 2021 Highlights

  • Target delivered $106 billion in total revenue, having grown nearly $28 billion, or more than 35 percent over the past two years.
  • Comparable sales grew 12.7 percent, on top of 19.3 percent in 2020.
  • Comparable traffic grew 12.3 percent, on top of 3.7 percent in 2020.
  • Total sales have grown more than $27 billion since 2019, reflecting more than $14 billion of additional store sales and digital sales growth of nearly $13 billion.
  • All five core merchandise categories delivered double-digit comparable sales growth in 2021, on top of unprecedented growth in 2020.
  • Operating income margin rate of 8.4 percent expanded nearly 150 basis points from 2020.
  • GAAP EPS from continuing operations of $14.10 was 63.1 percent higher than last year, while Adjusted EPS of $13.56 grew 44.0 percent compared with 2020. Both GAAP and Adjusted EPS have more than doubled since 2019.

For additional media materials, please visit:
https://corporate.target.com/article/2022/03/q4-fy2021

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.

Target Corporation (NYSE: TGT) today announced its fourth-quarter and full-year 2021 results.  The Company reported fourth-quarter GAAP earnings per share (EPS) from continuing operations of $3.21, compared with $2.73 in 2020, and $14.10 for full-year 2021, compared with $8.64 in 2020.  Adjusted EPS was $3.19 for the fourth quarter, compared with $2.67 in 2020, and $13.56 for the full-year, compared with $9.42 in 2020. Full-year GAAP EPS included a $335 million pretax gain on the sale of Dermstore, which was excluded from Adjusted EPS.  The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"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," said Brian Cornell, chairman and CEO of Target.  "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."

Fiscal 2022 Guidance and Quarterly Commentary

For fiscal year 2022, the Company expects low- to mid-single digit revenue growth, an operating margin rate of 8 percent or higher, low-single digit growth in operating margin dollars, and high-single digit growth in Adjusted Earnings per Share.

The Company expects quarterly, year-over-year profit performance will be variable during the year, and generally improve as the year progresses. The company expects its first quarter 2022 operating margin rate will be favorable in relation to historical performance, but well below its first quarter 2021 rate of 9.8 percent.

Long-Term Financial Algorithm

Target has also updated its long-term financial algorithm, which will define the Company's expectations for annual performance in fiscal years 2023 and beyond. The algorithm specifies annual benchmarks for the following metrics:

  • Mid-single digit growth in Total Revenue;
  • Mid-single digit growth in Operating Income;
  • High-single digit growth in Adjusted EPS;
  • CAPEX of $4 to $5 billion; and
  • After-tax Return on Invested Capital in the high-20% to 30% range.

Operating Results

The Company's total comparable sales grew 8.9 percent in the fourth quarter, reflecting comparable stores sales growth of 8.9 percent and digital sales growth of 9.2 percent. Total revenue of $31.0 billion grew 9.4 percent compared with last year, driven by sales growth of 9.4 percent and an 11.1 percent increase in other revenue. Operating income was $2.1 billion in fourth quarter 2021, up 14.1 percent from $1.8 billion in 2020.

Fourth quarter operating income margin rate was 6.8 percent in 2021 compared with 6.5 percent in 2020. Fourth quarter gross margin rate was 25.7 percent, compared with 26.8 percent in 2020, reflecting pressure from increased supply chain costs due to increased compensation and headcount in the Company's distribution centers as well as higher freight and merchandising costs. Fourth quarter SG&A expense rate was 17.9 percent in 2021, compared with 19.2 percent in 2020, reflecting the benefit of leverage resulting from strong revenue growth.

Full-year sales increased 13.2 percent to $104.6 billion from $92.4 billion last year, reflecting a 12.7 percent increase in comparable sales combined with sales from non-mature stores. Full-year revenue of $106.0 billion grew 13.3 percent compared with 2020, reflecting sales growth of 13.2 percent and a 20.2 percent increase in other revenue.

Full-year operating income was $8.9 billion in 2021, an increase of 36.8 percent from $6.5 billion last year. Full-year gross margin rate was 28.3 percent, in line with 28.4 percent in 2020, reflecting pressure from increased supply chain, merchandise, and freight costs largely offset by favorable category mix and lower markdowns.  Full-year SG&A expense rate was 18.6 percent in 2021, compared with 19.9 percent in 2020, reflecting significant leverage on fixed costs that offset investments in team member pay and benefits.

Interest Expense and Taxes

The Company's fourth quarter 2021 net interest expense was $104 million, in line with $106 million last year.

Full-year 2021 net interest expense was $421 million, compared with $977 million in 2020, which included a $512 million loss on early debt retirement.

Fourth quarter 2021 effective income tax rate was 23.4 percent, compared with 20.2 percent last year. The Company's full-year 2021 effective income tax rate from continuing operations was 22.0 percent compared with 21.2 percent in 2020.  This 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 $432 million in the fourth quarter, compared with $341 million last year, reflecting a 32.4 percent increase in the dividend per share, partially offset by a decline in average share count.

The Company repurchased $2.3 billion worth of its shares in fourth quarter 2021, retiring 9.7 million shares of common stock at an average price of $237.00.  As of the end of the fourth quarter, the Company had approximately $12.3 billion of remaining capacity under the repurchase program approved by Target's Board of Directors in August 2021.

For the trailing twelve months through fourth quarter 2021, after-tax return on invested capital (ROIC) was 33.1 percent, compared with 23.5 percent for the twelve months through fourth quarter 2020. This increase 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 financial community meeting, including a Q&A session, beginning at 8:00 a.m. CST today. Investors and the media are invited to listen to the meeting at Investors.Target.com (click on "2022 Financial Community Meeting, including Fourth Quarter and Full-Year 2021 Earnings" under "upcoming events"). A replay of the webcast will be provided when available.

Miscellaneous

Statements in this release regarding the Company's future financial performance 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 Jan. 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 nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting its corporate website and press center and by following @TargetNews.

For more on the Target Foundation, click here.

 

TARGET CORPORATION

 

Consolidated Statements of Operations

 
   

Three Months Ended

     

Twelve Months Ended

   

(millions, except per share data) (unaudited)

 

January 29,
2022

 

January 30,
2021

 

Change

 

January 29,
2022

 

January 30,
2021

 

Change

Sales

 

$     30,616

 

$     27,997

 

9.4%

 

$   104,611

 

$     92,400

 

13.2%

Other revenue

 

380

 

342

 

11.1

 

1,394

 

1,161

 

20.2

Total revenue

 

30,996

 

28,339

 

9.4

 

106,005

 

93,561

 

13.3

Cost of sales

 

22,761

 

20,485

 

11.1

 

74,963

 

66,177

 

13.3

Selling, general and administrative expenses

 

5,535

 

5,448

 

1.6

 

19,752

 

18,615

 

6.1

Depreciation and amortization (exclusive of
depreciation included in cost of sales)

 

605

 

570

 

6.0

 

2,344

 

2,230

 

5.1

Operating income

 

2,095

 

1,836

 

14.1

 

8,946

 

6,539

 

36.8

Net interest expense

 

104

 

106

 

(2.5)

 

421

 

977

 

(56.9)

Net other (income) / expense

 

(26)

 

 

NM(a)

 

(382)

 

16

 

NM(a)

Earnings before income taxes

 

2,017

 

1,730

 

16.6

 

8,907

 

5,546

 

60.6

Provision for income taxes

 

473

 

350

 

35.1

 

1,961

 

1,178

 

66.5

Net earnings

 

$       1,544

 

$       1,380

 

11.9%

 

$       6,946

 

$       4,368

 

59.0%

Basic earnings per share

 

$         3.24

 

$         2.76

 

17.7%

 

$       14.23

 

$         8.72

 

63.2%

Diluted earnings per share

 

$         3.21

 

$         2.73

 

17.8%

 

$       14.10

 

$         8.64

 

63.1%

Weighted average common shares outstanding

                       

Basic

 

476.1

 

500.8

 

(4.9)%

 

488.1

 

500.6

 

(2.5)%

Diluted

 

480.6

 

506.0

 

(5.0)%

 

492.7

 

505.4

 

(2.5)%

Antidilutive shares

 

 

     

 

   

Dividends declared per share

 

$         0.90

 

$         0.68

 

32.4%

 

$         3.38

 

$         2.70

 

25.2%

   

(a)

Not meaningful.

 

TARGET CORPORATION

 

Consolidated Statements of Financial Position

 

(millions, except footnotes) (unaudited)

 

January 29,
2022

 

January 30,
2021

Assets

       

Cash and cash equivalents

 

$           5,911

 

$           8,511

Inventory

 

13,902

 

10,653

Other current assets

 

1,760

 

1,592

Total current assets

 

21,573

 

20,756

Property and equipment

       

Land

 

6,164

 

6,141

Buildings and improvements

 

32,985

 

31,557

Fixtures and equipment

 

6,407

 

5,914

Computer hardware and software

 

2,505

 

2,765

Construction-in-progress

 

1,257

 

780

Accumulated depreciation

 

(21,137)

 

(20,278)

Property and equipment, net

 

28,181

 

26,879

Operating lease assets

 

2,556

 

2,227

Other noncurrent assets

 

1,501

 

1,386

Total assets

 

$         53,811

 

$         51,248

Liabilities and shareholders' investment

       

Accounts payable

 

$         15,478

 

$         12,859

Accrued and other current liabilities

 

6,098

 

6,122

Current portion of long-term debt and other borrowings

 

171

 

1,144

Total current liabilities

 

21,747

 

20,125

Long-term debt and other borrowings

 

13,549

 

11,536

Noncurrent operating lease liabilities

 

2,493

 

2,218

Deferred income taxes

 

1,566

 

990

Other noncurrent liabilities

 

1,629

 

1,939

Total noncurrent liabilities

 

19,237

 

16,683

Shareholders' investment

       

Common stock

 

39

 

42

Additional paid-in capital

 

6,421

 

6,329

Retained earnings

 

6,920

 

8,825

Accumulated other comprehensive loss

 

(553)

 

(756)

Total shareholders' investment

 

12,827

 

14,440

Total liabilities and shareholders' investment

 

$         53,811

 

$         51,248

 

Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 471,274,073 and 500,877,129 shares issued and outstanding as of January 29, 2022, and January 30, 2021, respectively.

 

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

 

TARGET CORPORATION

 

Consolidated Statements of Cash Flows

 
   

Twelve Months Ended

(millions) (unaudited)

 

January 29,
2022

 

January 30,
2021

Operating activities

       

Net earnings

 

$              6,946

 

$              4,368

Adjustments to reconcile net earnings to cash provided by operations:

       

Depreciation and amortization

 

2,642

 

2,485

Share-based compensation expense

 

228

 

200

Deferred income taxes

 

522

 

(184)

Gain on Dermstore sale

 

(335)

 

Loss on debt extinguishment

 

 

512

Noncash losses / (gains) and other, net

 

67

 

86

Changes in operating accounts:

       

Inventory

 

(3,249)

 

(1,661)

Other assets

 

(78)

 

(137)

Accounts payable

 

2,628

 

2,925

Accrued and other liabilities

 

(746)

 

1,931

Cash provided by operating activities

 

8,625

 

10,525

Investing activities

       

Expenditures for property and equipment

 

(3,544)

 

(2,649)

Proceeds from disposal of property and equipment

 

27

 

42

Proceeds from Dermstore sale

 

356

 

Other investments

 

7

 

16

Cash required for investing activities

 

(3,154)

 

(2,591)

Financing activities

       

Additions to long-term debt

 

1,972

 

2,480

Reductions of long-term debt

 

(1,147)

 

(2,415)

Dividends paid

 

(1,548)

 

(1,343)

Repurchase of stock

 

(7,356)

 

(745)

Stock option exercises

 

8

 

23

Cash required for financing activities

 

(8,071)

 

(2,000)

Net (decrease) / increase in cash and cash equivalents

 

(2,600)

 

5,934

Cash and cash equivalents at beginning of period

 

8,511

 

2,577

Cash and cash equivalents at end of period

 

$              5,911

 

$              8,511

 

TARGET CORPORATION

 

Operating Results

 

Rate Analysis

 

Three Months Ended

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Gross margin rate

 

25.7%

 

26.8%

 

28.3%

 

28.4%

SG&A expense rate

 

17.9

 

19.2

 

18.6

 

19.9

Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate

 

2.0

 

2.0

 

2.2

 

2.4

Operating income margin rate

 

6.8

 

6.5

 

8.4

 

7.0

 

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 $183 million and $710 million of profit-sharing income under our credit card program agreement for the three and twelve months ended January 29, 2022, respectively, and $178 million and $666 million for the three and twelve months ended January 30, 2021, respectively.

 

 

Comparable Sales

 

Three Months Ended

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Comparable sales change

 

8.9%

 

20.5%

 

12.7%

 

19.3%

Drivers of change in comparable sales:

               

Number of transactions

 

8.1

 

6.5

 

12.3

 

3.7

Average transaction amount

 

0.7

 

13.1

 

0.4

 

15.0

 

Comparable Sales by Channel

 

Three Months Ended

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Stores originated comparable sales change

 

8.9%

 

6.9%

 

11.0%

 

7.2%

Digitally originated comparable sales change

 

9.2

 

118.2

 

20.8

 

144.7

 

Note: Amounts may not foot due to rounding.

 

Sales by Channel

 

Three Months Ended

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Stores originated

 

78.2%

 

77.9%

 

81.1%

 

82.1%

Digitally originated

 

21.8

 

22.1

 

18.9

 

17.9

Total

 

100%

 

100%

 

100%

 

100%

 

Sales by Fulfillment Channel

 

Three Months Ended

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Stores

 

96.3%

 

95.3%

 

96.4%

 

96.0%

Other

 

3.7

 

4.7

 

3.6

 

4.0

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

 

Twelve Months Ended

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

Target Debit Card

 

11.5%

 

12.4%

 

11.7%

 

12.3%

Target Credit Cards

 

8.9

 

9.3

 

8.7

 

9.2

Total RedCard Penetration

 

20.4%

 

21.7%

 

20.5%

 

21.5%

 

Note: Amounts may not foot due to rounding.

 

Number of Stores and Retail Square Feet

 

Number of Stores

 

Retail Square Feet(a)

(unaudited)

 

January 29,
2022

 

January 30,
2021

 

January 29,
2022

 

January 30,
2021

170,000 or more sq. ft.

 

274

 

273

 

49,071

 

48,798

50,000 to 169,999 sq. ft.

 

1,516

 

1,509

 

190,205

 

189,508

49,999 or less sq. ft.

 

136

 

115

 

4,008

 

3,342

Total

 

1,926

 

1,897

 

243,284

 

241,648

   

(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 continuing 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

   
 

January 29, 2022

 

January 30, 2021

   

(millions, except per share data) (unaudited)

 

Pretax

 

Net of Tax

 

Per Share

 

Pretax

 

Net of Tax

 

Per Share

 

Change

GAAP diluted earnings per share

         

$      3.21

         

$      2.73

 

17.8%

Adjustments

                           

Gain on investment (a)

 

$         —

 

$         —

 

$         —

 

$         —

 

$          (3)

 

$    (0.01)

   

Other (b)

 

(18)

 

(13)

 

(0.03)

 

(5)

 

(4)

 

(0.01)

   

Income tax matters (c)

 

 

 

 

 

(21)

 

(0.04)

   

Adjusted diluted earnings per share

         

$      3.19

         

$      2.67

 

19.2%

 

Note: Amounts may not foot due to rounding.

 

Reconciliation of Non-GAAP

Adjusted EPS

 

Twelve Months Ended

   
 

January 29, 2022

 

January 30, 2021

   

(millions, except per share data) (unaudited)

 

Pretax

 

Net of Tax

 

Per Share

 

Pretax

 

Net of Tax

 

Per Share

 

Change

GAAP diluted earnings per share

         

$    14.10

         

$      8.64

 

63.1%

Adjustments

                           

Gain on Dermstore Sale

 

$      (335)

 

$      (269)

 

$    (0.55)

 

$         —

 

$         —

 

$         —

   

Loss on debt extinguishment

 

 

 

 

512

 

379

 

0.75

   

Loss on investment (a)

 

 

 

 

19

 

14

 

0.03

   

Other (b)

 

9

 

7

 

0.01

 

28

 

20

 

0.04

   

Income tax matters (c)

 

 

 

 

 

(21)

 

(0.04)

   

Adjusted diluted earnings per share

         

$    13.56

         

$      9.42

 

44.0%

 

Note: Amounts may not foot due to rounding.

(a)

Represents a (gain) / loss on our investment in Casper Sleep Inc., which was not core to our continuing operations. We sold this investment during the fourth quarter of 2020.

(b) 

Other items unrelated to current period operations, none of which were individually significant.

(c) 

Represents benefits from the resolution of certain income tax matters unrelated to current period operations.

 

Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings from continuing operations 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 from continuing operations. 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

     

Twelve Months Ended

   

(dollars in millions) (unaudited)

 

January 29,
2022

 

January 30,
2021

 

Change

 

January 29,
2022

 

January 30,
2021

 

Change

Net earnings from continuing operations

 

$        1,544

 

$          1,380

 

11.9%

 

$        6,946

 

$          4,368

 

59.0%

 + Provision for income taxes

 

473

 

350

 

35.1

 

1,961

 

1,178

 

66.5

 + Net interest expense

 

104

 

106

 

(2.5)

 

421

 

977

 

(56.9)

EBIT

 

$        2,121

 

$          1,836

 

15.5%

 

$        9,328

 

$          6,523

 

43.0%

 + Total depreciation and amortization (a)

 

690

 

637

 

8.5

 

2,642

 

2,485

 

6.3

EBITDA

 

$        2,811

 

$          2,473

 

13.7%

 

$     11,970

 

$          9,008

 

32.9%

   

(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)

       
   

Trailing Twelve Months

   

Numerator

 

January 29,
2022

 

January 30,
2021

   

Operating income

 

$         8,946

 

$           6,539

   

 + Net other income / (expense)

 

382

 

(16)

   

EBIT

 

9,328

 

6,523

   

 + Operating lease interest (a)

 

87

 

87

   

 - Income taxes (b)

 

2,073

 

1,404

   

Net operating profit after taxes

 

$         7,342

 

$           5,206

   

 

Denominator

 

January 29,
2022

 

January 30,
2021

 

February 1,
2020

Current portion of long-term debt and other borrowings

 

$            171

 

$           1,144

 

$            161

 + Noncurrent portion of long-term debt

 

13,549

 

11,536

 

11,338

 + Shareholders' investment

 

12,827

 

14,440

 

11,833

 + Operating lease liabilities (c)

 

2,747

 

2,429

 

2,475

 - Cash and cash equivalents

 

5,911

 

8,511

 

2,577

Invested capital

 

$       23,383

 

$         21,038

 

$       23,230

Average invested capital (d)

 

$       22,210

 

$         22,134

   

After-tax return on invested capital

 

33.1%

 

23.5%

   
 

(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 for continuing operations, which were 22.0 percent and 21.2 percent for the trailing twelve months ended January 29, 2022, and January 30, 2021, respectively. For the twelve months ended January 29, 2022, and January 30, 2021, includes tax effect of $2.1 billion and $1.4 billion, respectively, related to EBIT and $19 million and $18 million, respectively, related to operating lease interest.

(c)

Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities.

(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.

 

Target Logo (PRNewsfoto/Target Corporation)

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/target-corporation-reports-fourth-quarter-and-full-year-2021-earnings-301492243.html

SOURCE Target Corporation

John Hulbert, Investors, (612) 761-6627, or Joe Poulos, Media, (612) 761-0042, or Target Media Hotline, (612) 696-3400







learn more about Target

Here are a few more areas we suggest you explore:

investor contacts

Be sure to include your name, address, daytime phone number, email address and a reference to Target on all of your correspondence.


transfer agent contact information
EQ Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0874
or
1110 Centre Pointe Curve Suite 101
Mendota Heights, MN 55120-4100

1.800.794.9871
shareowneronline.com


investor relations
TargetCorporation
1000 Nicollet Mall
Minneapolis, MN 55403

1.800.775.3110
investorrelations@target.com