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Target Corporation Reports Second Quarter Earnings

08/19/20

MINNEAPOLIS, Aug. 19, 2020 /PRNewswire/ --

Second quarter comparable sales grew 24.3 percent, the strongest the Company has ever reported.

Store comparable sales increased 10.9 percent. Digital comparable sales grew 195 percent, accounting for 13.4 percentage points of Target's comparable sales growth.

 

°

Stores fulfilled more than 90 percent of Target's second quarter sales.

 

°

Same-day services (Order Pick Up, Drive Up and Shipt) grew 273 percent and accounted for approximately 6 percentage points of total Company comparable sales growth.

The Company saw unusually strong market-share gains across all five of its core merchandise categories. In the first half of the year, the Company has gained approximately $5 billion in market share.

Second quarter GAAP EPS from continuing operations of $3.35 was 84.4 percent higher than last year, and Adjusted EPS1 of $3.38 was 85.7 percent higher than last year, as strong operating performance offset unprecedented investments in team member pay & benefits.

For additional media materials, please visit: https://corporate.target.com/article/2020/08/q2-2020-earnings

Target Corporation (NYSE: TGT) today announced its second quarter 2020 results, which reflect the continuation of heightened sales volume and significant investments in response to the COVID-19 pandemic.  The Company reported GAAP earnings per share (EPS) from continuing operations of $3.35 in the second quarter, an increase of 84.4 percent from $1.82 in 2019.  Second quarter Adjusted EPS of $3.38 grew 85.7 percent compared with $1.82 in 2019. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model. Our stores were the key to this unprecedented growth, with in-store comp sales growing 10.9 percent and stores enabling more than three-quarters of Target's digital sales, which rose nearly 200 percent. We also generated outstanding profitability in the quarter, even as we made significant investments in pay and benefits for our team," said Brian Cornell, chairman and chief executive officer of Target Corporation. "We remain steadfast in our focus on investing in a safe and convenient shopping experience for our guests, and their trust has resulted in market share gains of $5 billion in the first six months of the year.  With our differentiated merchandising assortment, a comprehensive set of convenient fulfillment options, a strong balance sheet, and our deeply dedicated team, we are well-equipped to navigate the ongoing challenges of the pandemic, and continue to grow profitably in the years ahead."

Fiscal 2020 Guidance

During the first quarter, the Company withdrew its guidance given the unusually wide range of potential outcomes, in light of the highly fluid and uncertain outlook for consumer shopping patterns and government policies related to COVID-19.

Operating Results                                              

The Company's total comparable sales grew 24.3 percent in the second quarter, reflecting comparable stores sales growth of 10.9 percent and digital sales growth of 195 percent. Total revenue of $23.0 billion grew 24.7 percent compared with last year, reflecting sales growth of 24.8 percent and a 16.6 percent increase in other revenue. Operating income was $2.3 billion in second quarter 2020, up 73.8 percent from $1.3 billion in 2019.

Second quarter operating income margin rate was 10.0 percent in 2020 compared with 7.2 percent in 2019, driven primarily by strong expense leverage on robust topline performance. Second quarter gross margin rate was 30.9 percent, compared with 30.6 percent in 2019. This increase reflected sales strength across our entire multi-category assortment and lower discounts driven by high sell through rates. Second quarter SG&A expense rate was 19.4 percent in 2020, compared with 21.2 percent in 2019, reflecting higher compensation costs, including investments in wages and benefits, which were more than offset by the net impact of other factors, most prominently the leverage from strong sales growth.

Interest Expense and Taxes

The Company's second quarter 2020 net interest expense was $122 million, compared with $120 million last year.

Second quarter 2020 effective income tax rate was 22.8 percent, compared with 23.0 percent last year, reflecting a larger rate benefit from discrete items, primarily related to share-based payments, compared with the prior year.

Shareholder Returns

The Company paid dividends of $330 million, compared with $328 million in second quarter 2019, reflecting a 3.1 percent increase in the dividend per share, partially offset by a decline in average share count.

On March 25, 2020, the Company announced that it had suspended share repurchase activity as a result of the high level of uncertainty in the current environment. As of the end of the second quarter, the Company had approximately $4.5 billion of remaining capacity under the repurchase program approved by Target's Board of Directors in September 2019.

For the trailing twelve months through second quarter 2020, after-tax return on invested capital (ROIC) was 17.2 percent, compared with 15.2 percent for the twelve months through second quarter 2019. The increase to ROIC was driven primarily by increased profitability combined with a small decrease in capital base. 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 "investors" then click on "events & presentations"). A replay of the webcast will be provided when available. The replay number is 1-800-391-9846.

Miscellaneous

Statements in this release regarding the Company's future financial performance and future effects of COVID-19 on the Company's business 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 actual results 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 Feb. 1, 2020 and Item 1A of the Company's Form 10-Q for the fiscal quarter ended May 2, 2020. 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 1,900 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

For more on the Target Foundation, click here.

 

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.  

 
 
 

TARGET CORPORATION

 

Consolidated Statements of Operations

   

Three Months Ended

     

Six Months Ended

   

(millions, except per share data) (unaudited)

 

August 1,
2020

 

August 3,

2019

 

Change

 

August 1,
2020

 

August 3,

2019

 

Change

Sales

 

$

22,696

   

$

18,183

   

24.8

%

 

$

42,067

   

$

35,584

   

18.2

%

Other revenue

 

279

   

239

   

16.6

   

523

   

465

   

12.3

 

Total revenue

 

22,975

   

18,422

   

24.7

   

42,590

   

36,049

   

18.1

 

Cost of sales

 

15,673

   

12,625

   

24.1

   

30,183

   

24,874

   

21.3

 

Selling, general and administrative expenses

 

4,460

   

3,912

   

14.0

   

8,520

   

7,575

   

12.5

 

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

 

542

   

561

   

(3.5)

   

1,119

   

1,142

   

(2.1)

 

Operating income

 

2,300

   

1,324

   

73.8

   

2,768

   

2,458

   

12.6

 

Net interest expense

 

122

   

120

   

1.9

   

239

   

246

   

(2.5)

 

Net other (income) / expense

 

(11)

   

(13)

   

(19.5)

   

11

   

(27)

   

(141.9)

 

Earnings from continuing operations before income taxes

 

2,189

   

1,217

   

79.8

   

2,518

   

2,239

   

12.5

 

Provision for income taxes

 

499

   

279

   

78.3

   

544

   

509

   

7.0

 

Net earnings from continuing operations

 

1,690

   

938

   

80.3

   

1,974

   

1,730

   

14.1

 

Discontinued operations, net of tax

 

   

       

   

3

     

Net earnings

 

$

1,690

   

$

938

   

80.3

%

 

$

1,974

   

$

1,733

   

13.9

%

Basic earnings per share

                       

Continuing operations

 

$

3.38

   

$

1.83

   

84.6

%

 

$

3.94

   

$

3.37

   

17.1

%

Discontinued operations

 

   

       

   

0.01

     

Net earnings per share

 

$

3.38

   

$

1.83

   

84.6

%

 

$

3.94

   

$

3.37

   

16.9

%

Diluted earnings per share

                       

Continuing operations

 

$

3.35

   

$

1.82

   

84.4

%

 

$

3.91

   

$

3.34

   

17.0

%

Discontinued operations

 

   

       

   

0.01

     

Net earnings per share

 

$

3.35

   

$

1.82

   

84.4

%

 

$

3.91

   

$

3.35

   

16.8

%

Weighted average common shares outstanding

                       

Basic

 

500.1

   

512.1

   

(2.3)

%

 

500.6

   

513.9

   

(2.6)

%

Diluted

 

504.4

   

516.1

   

(2.3)

%

 

505.1

   

517.8

   

(2.5)

%

Antidilutive shares

 

   

       

   

     

Dividends declared per share

 

$

0.68

   

$

0.66

   

3.0

%

 

$

1.34

   

$

1.30

   

3.1

%

 

Note:  Per share amounts may not foot due to rounding.

 

TARGET CORPORATION

 

Consolidated Statements of Financial Position

(millions, except footnotes) (unaudited)

 

August 1,
2020

 

February 1,
2020

 

August 3,
2019

Assets

           

Cash and cash equivalents

 

$

7,284

   

$

2,577

   

$

1,656

 

Inventory

 

8,876

   

8,992

   

9,122

 

Other current assets

 

1,463

   

1,333

   

1,341

 

Total current assets

 

17,623

   

12,902

   

12,119

 

Property and equipment

           

Land

 

6,027

   

6,036

   

6,054

 

Buildings and improvements

 

30,946

   

30,603

   

29,908

 

Fixtures and equipment

 

5,665

   

6,083

   

5,622

 

Computer hardware and software

 

2,631

   

2,692

   

2,627

 

Construction-in-progress

 

811

   

533

   

667

 

Accumulated depreciation

 

(19,341)

   

(19,664)

   

(18,866)

 

Property and equipment, net

 

26,739

   

26,283

   

26,012

 

Operating lease assets

 

2,233

   

2,236

   

2,062

 

Other noncurrent assets

 

1,405

   

1,358

   

1,373

 

Total assets

 

$

48,000

   

$

42,779

   

$

41,566

 

Liabilities and shareholders' investment

           

Accounts payable

 

$

10,726

   

$

9,920

   

$

9,152

 

Accrued and other current liabilities

 

5,057

   

4,406

   

4,059

 

Current portion of long-term debt and other borrowings

 

109

   

161

   

1,153

 

Total current liabilities

 

15,892

   

14,487

   

14,364

 

Long-term debt and other borrowings

 

14,188

   

11,338

   

10,365

 

Noncurrent operating lease liabilities

 

2,241

   

2,275

   

2,111

 

Deferred income taxes

 

1,121

   

1,122

   

1,082

 

Other noncurrent liabilities

 

1,980

   

1,724

   

1,808

 

Total noncurrent liabilities

 

19,530

   

16,459

   

15,366

 

Shareholders' investment

           

Common stock

 

42

   

42

   

43

 

Additional paid-in capital

 

6,248

   

6,226

   

6,114

 

Retained earnings

 

7,121

   

6,433

   

6,461

 

Accumulated other comprehensive loss

 

(833)

   

(868)

   

(782)

 

Total shareholders' investment

 

12,578

   

11,833

   

11,836

 

Total liabilities and shareholders' investment

 

$

48,000

   

$

42,779

   

$

41,566

 

Common Stock  Authorized 6,000,000,000 shares, $0.0833 par value; 500,252,831, 504,198,962 and 511,335,375 shares issued and outstanding as of August 1, 2020, February 1, 2020, and August 3, 2019, 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

   

Six Months Ended

(millions) (unaudited)

 

August 1,
2020

 

August 3,
2019

Operating activities

       

Net earnings

 

$

1,974

   

$

1,733

 

Earnings from discontinued operations, net of tax

 

   

3

 

Net earnings from continuing operations

 

1,974

   

1,730

 

Adjustments to reconcile net earnings to cash provided by operations:

       

Depreciation and amortization

 

1,245

   

1,267

 

Share-based compensation expense

 

104

   

86

 

Deferred income taxes

 

(12)

   

104

 

Noncash losses / (gains) and other, net

 

86

   

42

 

Changes in operating accounts:

       

Inventory

 

116

   

375

 

Other assets

 

(14)

   

64

 

Accounts payable

 

795

   

(731)

 

Accrued and other liabilities

 

822

   

(127)

 

Cash provided by operating activities—continuing operations

 

5,116

   

2,810

 

Cash provided by operating activities—discontinued operations

 

   

2

 

Cash provided by operations

 

5,116

   

2,812

 

Investing activities

       

Expenditures for property and equipment

 

(1,414)

   

(1,394)

 

Proceeds from disposal of property and equipment

 

10

   

10

 

Other investments

 

2

   

 

Cash required for investing activities

 

(1,402)

   

(1,384)

 

Financing activities

       

Additions to long-term debt

 

2,480

   

994

 

Reductions of long-term debt

 

(126)

   

(1,026)

 

Dividends paid

 

(662)

   

(658)

 

Repurchase of stock

 

(706)

   

(662)

 

Stock option exercises

 

7

   

24

 

Cash provided by / (required for) financing activities

 

993

   

(1,328)

 

Net increase in cash and cash equivalents

 

4,707

   

100

 

Cash and cash equivalents at beginning of period

 

2,577

   

1,556

 

Cash and cash equivalents at end of period

 

$

7,284

   

$

1,656

 

 

TARGET CORPORATION

 

Operating Results

Rate Analysis

 

Three Months Ended

 

Six Months Ended

(unaudited)

 

August 1,
2020

 

August 3,
2019

 

August 1,
2020

 

August 3,
2019

Gross margin rate

 

30.9

%

 

30.6

%

 

28.3

%

 

30.1

%

SG&A expense rate

 

19.4

   

21.2

   

20.0

   

21.0

 

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

 

2.4

   

3.0

   

2.6

   

3.2

 

Operating income margin rate

 

10.0

   

7.2

   

6.5

   

6.8

 
   

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 $158 million and $324 million of profit-sharing income under our credit card program agreement for the three and six months ended August 1, 2020, respectively, and $168 million and $328 million for the three and six months ended August 3, 2019, respectively.

 

Comparable Sales

 

Three Months Ended

 

Six Months Ended

(unaudited)

 

August 1,
2020

 

August 3,
2019

 

August 1,
2020

 

August 3,
2019

Comparable sales change

 

24.3

%

 

3.4

%

 

17.7

%

 

4.1

%

Drivers of change in comparable sales

               

Number of transactions

 

4.6

   

2.4

   

1.6

   

3.3

 

Average transaction amount

 

18.8

   

0.9

   

15.8

   

0.7

 

 

Contribution to Comparable Sales Change

 

Three Months Ended

 

Six Months Ended

(unaudited)

 

August 1,
2020

 

August 3,
2019

 

August 1,
2020

 

August 3,
2019

Stores originated channel comparable sales change

 

10.9

%

 

1.5

%

 

6.0

%

 

2.1

%

Contribution from digitally originated sales

 

13.4

   

1.8

   

11.7

   

1.9

 

Total comparable sales change

 

24.3

%

 

3.4

%

 

17.7

%

 

4.1

%

 

Note: Amounts may not foot due to rounding.

 

Sales by Channel

 

Three Months Ended

 

Six Months Ended

(unaudited)

 

August 1,
2020

 

August 3,
2019

 

August 1,
2020

 

August 3,
2019

Stores originated

 

82.8

%

 

92.7

%

 

83.7

%

 

92.8

%

Digitally originated

 

17.2

   

7.3

   

16.3

   

7.2

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

RedCard Penetration

 

Three Months Ended

 

Six Months Ended

(unaudited)

 

August 1,
2020

 

August 3,
2019

 

August 1,
2020

 

August 3,
2019

Target Debit Card

 

11.8

%

 

12.5

%

 

12.2

%

 

12.8

%

Target Credit Cards

 

8.7

   

10.7

   

9.2

   

10.6

 

Total RedCard Penetration

 

20.5

%

 

23.2

%

 

21.4

%

 

23.4

%

 

Note: Amounts may not foot due to rounding.

 

Number of Stores and Retail Square Feet

 

Number of Stores

 

Retail Square Feet (a)

(unaudited)

 

August 1,
2020

 

February 1,
2020

 

August 3,
2019

 

August 1,
2020

 

February 1,
2020

 

August 3,
2019

170,000 or more sq. ft.

 

272

   

272

   

272

   

48,613

   

48,619

   

48,619

 

50,000 to 169,999 sq. ft.

 

1,505

   

1,505

   

1,499

   

189,224

   

189,227

   

188,711

 

49,999 or less sq. ft.

 

94

   

91

   

82

   

2,745

   

2,670

   

2,357

 

Total

 

1,871

   

1,868

   

1,853

   

240,582

   

240,516

   

239,687

 
   

(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 from continuing operations (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 from continuing operations. 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

   
 

August 1, 2020

 

August 3, 2019

   

(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

         

$

3.35

           

$

1.82

   

84.4

%

Adjustments

                           

Gain on investment (a)

 

$

(9)

   

$

(6)

   

$

(0.01)

   

$

   

$

   

$

     

Other (b)

 

25

   

18

   

0.04

   

   

   

     

Adjusted diluted earnings per share from continuing operations

         

$

3.38

           

$

1.82

   

85.7

%

 
 

Reconciliation of Non-GAAP
Adjusted EPS

 

Six Months Ended

   
 

August 1, 2020

 

August 3, 2019

   

(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

         

$

3.91

           

$

3.34

   

17.0

%

Adjustments

                           

Loss on investment (a)

 

$

12

   

$

9

   

$

0.02

   

$

   

$

   

$

     

Other (b)

 

25

   

18

   

0.04

   

   

   

     

Adjusted diluted earnings per share from continuing operations

         

$

3.96

           

$

3.34

   

18.6

%

 

Note: Amounts may not foot due to rounding.

   

(a)

Includes an unrealized (gain) / loss on our investment in Casper Sleep Inc., which is not core to our continuing operations.

(b)

Includes store damage and inventory losses related to civil unrest.

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 for, 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

     

Six Months Ended

   

(dollars in millions) (unaudited)

 

August 1,
2020

 

August 3,
2019

 

Change

 

August 1,
2020

 

August 3,
2019

 

Change

Net earnings from continuing operations

 

$

1,690

   

$

938

   

80.3

%

 

$

1,974

   

$

1,730

   

14.1

%

 + Provision for income taxes

 

499

   

279

   

78.3

   

544

   

509

   

7.0

 

 + Net interest expense

 

122

   

120

   

1.9

   

239

   

246

   

(2.5)

 

EBIT

 

$

2,311

   

$

1,337

   

72.8

%

 

$

2,757

   

$

2,485

   

11.0

%

 + Total depreciation and amortization (a)

 

604

   

624

   

(3.2)

   

1,245

   

1,267

   

(1.9)

 

EBITDA

 

$

2,915

   

$

1,961

   

48.6

%

 

$

4,002

   

$

3,752

   

6.7

%

   

(a) 

Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.

We have also disclosed after-tax return on invested capital from continuing operations (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

 

August 1,
2020

 

August 3,
2019

Operating income

 

$

4,968

   

$

4,395

 

 + Net other income / (expense)

 

(28)

   

42

 

EBIT

 

4,940

   

4,437

 

 + Operating lease interest (a)

 

87

   

85

 

 - Income taxes (b)

 

1,076

   

937

 

Net operating profit after taxes

 

$

3,951

   

$

3,585

 

 

Denominator

 

August 1,
2020

 

August 3,
2019

 

August 4,
2018

Current portion of long-term debt and other borrowings

 

$

109

   

$

1,153

   

$

1,044

 

 + Noncurrent portion of long-term debt

 

14,188

   

10,365

   

10,108

 

 + Shareholders' investment

 

12,578

   

11,836

   

11,167

 

 + Operating lease liabilities (c)

 

2,448

   

2,285

   

2,183

 

 - Cash and cash equivalents

 

7,284

   

1,656

   

1,180

 

Invested capital

 

$

22,039

   

$

23,983

   

$

23,322

 

Average invested capital (d)

 

$

23,011

   

$

23,652

     

After-tax return on invested capital

   

17.2

%

   

15.2

%

   

(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 for continuing operations, which were 21.4 percent and 20.7 percent for the trailing twelve months ended August 1, 2020, and August 3, 2019, respectively. For the twelve months ended August 1, 2020, and August 3, 2019, includes tax effect of $1,057 million and $919 million, 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:http://www.prnewswire.com/news-releases/target-corporation-reports-second-quarter-earnings-301114521.html

SOURCE Target Corporation

John Hulbert, Investors, (612) 761-6627; Erin Conroy, Media, (612) 761-5928, Target Media Hotline, (612) 696-3400

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