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Target Corporation Reports Third Quarter Earnings

11/18/20

MINNEAPOLIS, Nov. 18, 2020 /PRNewswire/ --

  • Third quarter comparable sales grew 20.7 percent
    • Comparable traffic grew 4.5 percent, and average ticket grew 15.6 percent
    • Store comparable sales increased 9.9 percent
    • Digital comparable sales grew 155 percent, accounting for 10.9 percentage points of Target's comparable sales growth
    • Same-day services (Order Pick Up, Drive Up and Shipt) grew 217 percent
    • More than 95 percent of Target's third quarter sales were fulfilled by its stores
  • Throughout the third quarter, the Company continued to gain market share across all five of its core merchandising categories. Year to date, the Company has gained more than $6 billion in market share.
  • Third quarter GAAP EPS from continuing operations of $2.01 was 46.3 percent higher than last year. Third quarter Adjusted EPS1 of $2.79 was 105.1 percent higher than last year, as strong operating performance offset continued investments in team member pay and benefits and safety measures to protect guests and team members.
  • For additional media materials, please visit: https://corporate.target.com/article/2020/11/q3-2020-earnings

Target Corporation (NYSE: TGT) today announced its third quarter 2020 financial results, which reflected continued, robust growth in both sales and profitability. The Company reported third quarter GAAP earnings per share (EPS) from continuing operations of $2.01, up 46.3 percent from $1.37 in 2019. GAAP EPS included a $0.75 loss on debt extinguishment, which was excluded from Adjusted EPS. Third quarter Adjusted EPS of $2.79 grew 105.1 percent compared with $1.36 in 2019. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

"Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a differentiated assortment and a suite of industry-leading fulfillment options all brought to life through the passion and effort of our team. As a result, we've seen a deepening level of engagement and trust from our guests. The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels," said Brian Cornell, chairman and chief executive officer of Target Corporation. "In preparation for the holiday season, we focused first on the safety of our guests and our team, making changes to eliminate crowds while enhancing our fast-growing, contactless options like in-store pickup, Drive Up and Shipt. In a holiday season that will feel different for our guests, we're committed to helping them navigate the season safely, as they find new ways to celebrate with family and friends."

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 the impact of COVID-19.

Operating Results

The Company's total comparable sales grew 20.7 percent in the third quarter, reflecting comparable stores sales growth of 9.9 percent and digital sales growth of 155 percent. Total revenue of $22.6 billion grew 21.3 percent compared with last year, driven by sales growth of 21.3 percent and an 18.1 percent increase in other revenue. Operating income was $1.9 billion in third quarter 2020, up 93.1 percent from $1.0 billion in 2019.

Third quarter operating income margin rate was 8.5 percent in 2020 compared with 5.4 percent in 2019. Third quarter gross margin rate was 30.6 percent, compared with 29.8 percent in 2019, reflecting the benefit of merchandising actions, primarily from exceptionally low markdown rates, partially offset by the impact of higher digital fulfillment and supply chain costs, along with unfavorable category mix. Third quarter SG&A expense rate was 20.5 percent in 2020, compared with 22.3 percent in 2019, reflecting the benefit of leverage from strong sales growth, partially offset by the net impact of other factors, primarily investments in team member pay, benefits, and safety.

Interest Expense and Taxes

The Company's third quarter 2020 net interest expense was $632 million, compared with $113 million last year. The increase was driven primarily by a $512 million charge related to the early retirement of debt in third quarter 2020.

Third quarter 2020 effective income tax rate was 21.9 percent, in line with 21.7 percent last year.

Capital Deployment and Return on Invested Capital

The Company paid dividends of $340 million in the third quarter, compared with $337 million last year, reflecting a 3.0 percent increase in the dividend per share, partially offset by a decline in average share count.

The Company has recently taken a number of actions in light of its strong operating performance and cash position. 

  • Today, the Company announced it has lifted its share repurchase suspension, which it had announced on March 25, at a time of unusually high uncertainty following the onset of the COVID-19 pandemic. The Company expects to resume share repurchases in 2021, consistent with its long-standing capital deployment policies and within the limits of its strong, middle-A credit ratings. As of the end of the third 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.
  • In October, the Company executed a debt tender offer, deploying $2.3 billion in cash to retire $1.8 billion of long-term debt.
  • In early November, the Company terminated a supplementary 364 day credit facility, which had been secured in April given the uncertainty around COVID-19.

For the trailing twelve months through third quarter 2020, after-tax return on invested capital (ROIC) was 19.9 percent, compared with 15.0 percent for the twelve months through third quarter 2019. The increase to ROIC was driven primarily by increased profitability combined with a decrease in the base of invested capital. The tables in this release provide additional information about the Company's ROIC calculation.

Webcast Details

Target will webcast its third 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 1-866-454-1406.

Miscellaneous

The statement in this release regarding the Company's expected resumption of share repurchase activity in 2021 is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such statement is 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 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

     

Nine Months Ended

   

(millions, except per share data) (unaudited)

 

October 31,

2020

 

November 2,

2019

 

Change

 

October 31,

2020

 

November 2,

2019

 

Change

Sales

 

$

22,336

   

$

18,414

   

21.3

%

 

$

64,403

   

$

53,997

   

19.3

%

Other revenue

 

296

   

251

   

18.1

   

819

   

716

   

14.3

 

Total revenue

 

22,632

   

18,665

   

21.3

   

65,222

   

54,713

   

19.2

 

Cost of sales

 

15,509

   

12,935

   

19.9

   

45,692

   

37,808

   

20.9

 

Selling, general and administrative expenses

 

4,647

   

4,153

   

11.9

   

13,167

   

11,728

   

12.3

 

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

 

541

   

575

   

(5.8)

   

1,660

   

1,717

   

(3.3)

 

Operating income

 

1,935

   

1,002

   

93.1

   

4,703

   

3,460

   

35.9

 

Net interest expense

 

632

   

113

   

457.7

   

871

   

359

   

142.6

 

Net other (income) / expense

 

5

   

(12)

   

(148.5)

   

16

   

(38)

   

(144.1)

 

Earnings from continuing operations before income taxes

 

1,298

   

901

   

44.1

   

3,816

   

3,139

   

21.6

 

Provision for income taxes

 

284

   

195

   

45.7

   

828

   

703

   

17.8

 

Net earnings from continuing operations

 

1,014

   

706

   

43.6

   

2,988

   

2,436

   

22.6

 

Discontinued operations, net of tax

 

   

8

       

   

11

     

Net earnings

 

$

1,014

   

$

714

   

41.9

%

 

$

2,988

   

$

2,447

   

22.1

%

Basic earnings per share

                       

Continuing operations

 

$

2.02

   

$

1.38

   

46.2

%

 

$

5.97

   

$

4.75

   

25.6

%

Discontinued operations

 

   

0.02

       

   

0.02

     

Net earnings per share

 

$

2.02

   

$

1.40

   

44.5

%

 

$

5.97

   

$

4.77

   

25.0

%

Diluted earnings per share

                       

Continuing operations

 

$

2.01

   

$

1.37

   

46.3

%

 

$

5.91

   

$

4.71

   

25.5

%

Discontinued operations

 

   

0.02

       

   

0.02

     

Net earnings per share

 

$

2.01

   

$

1.39

   

44.5

%

 

$

5.91

   

$

4.74

   

24.9

%

Weighted average common shares outstanding

                       

Basic

 

500.6

   

509.7

   

(1.8)

%

 

500.6

   

512.5

   

(2.3)

%

Diluted

 

505.4

   

514.8

   

(1.8)

%

 

505.2

   

516.8

   

(2.2)

%

Antidilutive shares

 

   

       

   

     

Dividends declared per share

 

$

0.68

   

$

0.66

   

3.0

%

 

$

2.02

   

$

1.96

   

3.1

%

 

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

 

TARGET CORPORATION

 

Consolidated Statements of Financial Position

(millions, except footnotes) (unaudited)

 

October 31,

2020

 

February 1,

2020

 

November 2,

2019

Assets

           

Cash and cash equivalents

 

$

5,996

   

$

2,577

   

$

969

 

Inventory

 

12,712

   

8,992

   

11,396

 

Other current assets

 

1,601

   

1,333

   

1,440

 

Total current assets

 

20,309

   

12,902

   

13,805

 

Property and equipment

           

Land

 

6,063

   

6,036

   

6,040

 

Buildings and improvements

 

31,398

   

30,603

   

30,467

 

Fixtures and equipment

 

5,843

   

6,083

   

6,032

 

Computer hardware and software

 

2,706

   

2,692

   

2,636

 

Construction-in-progress

 

518

   

533

   

298

 

Accumulated depreciation

 

(19,755)

   

(19,664)

   

(19,089)

 

Property and equipment, net

 

26,773

   

26,283

   

26,384

 

Operating lease assets

 

2,208

   

2,236

   

2,151

 

Other noncurrent assets

 

1,371

   

1,358

   

1,401

 

Total assets

 

$

50,661

   

$

42,779

   

$

43,741

 

Liabilities and shareholders' investment

           

Accounts payable

 

$

14,203

   

$

9,920

   

$

11,258

 

Accrued and other current liabilities

 

5,023

   

4,406

   

4,191

 

Current portion of long-term debt and other borrowings

 

131

   

161

   

1,159

 

Total current liabilities

 

19,357

   

14,487

   

16,608

 

Long-term debt and other borrowings

 

12,490

   

11,338

   

10,513

 

Noncurrent operating lease liabilities

 

2,196

   

2,275

   

2,208

 

Deferred income taxes

 

1,171

   

1,122

   

1,215

 

Other noncurrent liabilities

 

2,128

   

1,724

   

1,652

 

Total noncurrent liabilities

 

17,985

   

16,459

   

15,588

 

Shareholders' investment

           

Common stock

 

42

   

42

   

42

 

Additional paid-in capital

 

6,285

   

6,226

   

6,006

 

Retained earnings

 

7,789

   

6,433

   

6,270

 

Accumulated other comprehensive loss

 

(797)

   

(868)

   

(773)

 

Total shareholders' investment

 

13,319

   

11,833

   

11,545

 

Total liabilities and shareholders' investment

 

$

50,661

   

$

42,779

   

$

43,741

 

Common Stock  Authorized 6,000,000,000 shares, $0.0833 par value; 500,754,729, 504,198,962 and 506,677,740 shares issued and outstanding as of October 31, 2020, February 1, 2020, and November 2, 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

   

Nine Months Ended

(millions) (unaudited)

 

October 31,

2020

 

November 2,

2019

Operating activities

       

Net earnings

 

$

2,988

   

$

2,447

 

Earnings from discontinued operations, net of tax

 

   

11

 

Net earnings from continuing operations

 

2,988

   

2,436

 

Adjustments to reconcile net earnings to cash provided by operations:

       

Depreciation and amortization

 

1,848

   

1,905

 

Share-based compensation expense

 

161

   

116

 

Deferred income taxes

 

26

   

235

 

Loss on debt extinguishment

 

512

   

 

Noncash losses / (gains) and other, net

 

124

   

6

 

Changes in operating accounts:

       

Inventory

 

(3,720)

   

(1,899)

 

Other assets

 

(174)

   

(10)

 

Accounts payable

 

4,287

   

1,473

 

Accrued and other liabilities

 

992

   

(121)

 

Cash provided by operating activities—continuing operations

 

7,044

   

4,141

 

Cash provided by operating activities—discontinued operations

 

   

18

 

Cash provided by operations

 

7,044

   

4,159

 

Investing activities

       

Expenditures for property and equipment

 

(2,009)

   

(2,403)

 

Proceeds from disposal of property and equipment

 

27

   

29

 

Other investments

 

(3)

   

14

 

Cash required for investing activities

 

(1,985)

   

(2,360)

 

Financing activities

       

Additions to long-term debt

 

2,480

   

994

 

Reductions of long-term debt

 

(2,395)

   

(1,041)

 

Dividends paid

 

(1,002)

   

(995)

 

Repurchase of stock

 

(741)

   

(959)

 

Accelerated share repurchase pending final settlement

 

   

(450)

 

Stock option exercises

 

18

   

65

 

Cash required for financing activities

 

(1,640)

   

(2,386)

 

Net increase in cash and cash equivalents

 

3,419

   

(587)

 

Cash and cash equivalents at beginning of period

 

2,577

   

1,556

 

Cash and cash equivalents at end of period

 

$

5,996

   

$

969

 

 

TARGET CORPORATION

 

Operating Results

Rate Analysis

 

Three Months Ended

 

Nine Months Ended

(unaudited)

 

October 31,

2020

 

November 2,

2019

 

October 31,

2020

 

November 2,

2019

Gross margin rate

 

30.6

%

 

29.8

%

 

29.1

%

 

30.0

%

SG&A expense rate

 

20.5

   

22.3

   

20.2

   

21.4

 

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

 

2.4

   

3.1

   

2.5

   

3.1

 

Operating income margin rate

 

8.5

   

5.4

   

7.2

   

6.3

 
 

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 $164 million and $488 million of profit-sharing income under our credit card program agreement for the three and nine months ended October 31, 2020, respectively, and $177 million and $505 million for the three and nine months ended November 2, 2019, respectively.

 
 

Comparable Sales

 

Three Months Ended

 

Nine Months Ended

(unaudited)

 

October 31,

2020

 

November 2,

2019

 

October 31,

2020

 

November 2,

2019

Comparable sales change

 

20.7

%

 

4.5

%

 

18.7

%

 

4.2

%

Drivers of change in comparable sales

               

Number of transactions

 

4.5

   

3.1

   

2.6

   

3.3

 

Average transaction amount

 

15.6

   

1.4

   

15.7

   

0.9

 
 

Contribution to Comparable Sales Change

 

Three Months Ended

 

Nine Months Ended

(unaudited)

 

October 31,

2020

 

November 2,

2019

 

October 31,

2020

 

November 2,

2019

Stores originated channel comparable sales change

 

9.9

%

 

2.8

%

 

7.3

%

 

2.3

%

Contribution from digitally originated sales

 

10.9

   

1.7

   

11.4

   

1.9

 

Total comparable sales change

 

20.7

%

 

4.5

%

 

18.7

%

 

4.2

%

 

Note: Amounts may not foot due to rounding.

 

Sales by Channel

 

Three Months Ended

 

Nine Months Ended

(unaudited)

 

October 31,

2020

 

November 2,

2019

 

October 31,

2020

 

November 2,

2019

Stores originated

 

84.3

%

 

92.5

%

 

83.9

%

 

92.7

%

Digitally originated

 

15.7

   

7.5

   

16.1

   

7.3

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

RedCard Penetration

 

Three Months Ended

 

Nine Months Ended

(unaudited)

 

October 31,

2020

 

November 2,

2019

 

October 31,

2020

 

November 2,

2019

Target Debit Card

 

12.2

%

 

12.5

%

 

12.2

%

 

12.7

%

Target Credit Cards

 

9.3

   

10.7

   

9.2

   

10.6

 

Total RedCard Penetration

 

21.5

%

 

23.1

%

 

21.4

%

 

23.3

%

 

Note: Amounts may not foot due to rounding.

 

Number of Stores and Retail Square Feet

 

Number of Stores

 

Retail Square Feet (a)

(unaudited)

 

October 31,

2020

 

February 1,

2020

 

November 2,

2019

 

October 31,

2020

 

February 1,

2020

 

November 2,

2019

170,000 or more sq. ft.

 

273

   

272

   

272

   

48,798

   

48,619

   

48,619

 

50,000 to 169,999 sq. ft.

 

1,509

   

1,505

   

1,504

   

189,508

   

189,227

   

189,164

 

49,999 or less sq. ft.

 

115

   

91

   

86

   

3,342

   

2,670

   

2,475

 

Total

 

1,897

   

1,868

   

1,862

   

241,648

   

240,516

   

240,258

 
 

(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

   
 

October 31, 2020

 

November 2, 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

         

$

2.01

           

$

1.37

   

46.3

%

Adjustments

                           

Loss on debt extinguishment

 

$

512

   

$

379

   

$

0.75

   

$

   

$

   

$

     

Loss on investment (a)

 

8

   

9

   

0.02

   

   

   

     

Other (b)

 

8

   

6

   

0.01

   

(9)

   

(6)

   

(0.01)

     

Adjusted diluted earnings per share from continuing operations

         

$

2.79

           

$

1.36

   

105.1

%

         

Reconciliation of Non-GAAP

Adjusted EPS

 

Nine Months Ended

   
 

October 31, 2020

 

November 2, 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

         

$

5.91

           

$

4.71

   

25.5

%

Adjustments

                           

Loss on debt extinguishment

 

$

512

   

$

379

   

$

0.75

   

$

   

$

   

$

     

Loss on investment (a)

 

19

   

18

   

0.03

   

   

   

     

Other (b)

 

33

   

24

   

0.05

   

(9)

   

(6)

   

(0.01)

     

Adjusted diluted earnings per share from continuing operations

         

$

6.75

           

$

4.70

   

43.5

%

 

Note: Amounts may not foot due to rounding.

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

(b)       For 2020, includes store damage and inventory losses related to civil unrest. For 2019, represents an insurance recovery related to the 2013 data breach.

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

     

Nine Months Ended

   

(dollars in millions) (unaudited)

 

October 31,

2020

 

November 2,

2019

 

Change

 

October 31,

2020

 

November 2,

2019

 

Change

Net earnings from continuing operations

 

$

1,014

   

$

706

   

43.6

%

 

$

2,988

   

$

2,436

   

22.6

%

 + Provision for income taxes

 

284

   

195

   

45.7

   

828

   

703

   

17.8

 

 + Net interest expense

 

632

   

113

   

457.7

   

871

   

359

   

142.6

 

EBIT

 

$

1,930

   

$

1,014

   

90.2

%

 

$

4,687

   

$

3,498

   

34.0

%

 + Total depreciation and amortization (a)

 

603

   

637

   

(5.1)

   

1,848

   

1,905

   

(2.9)

 

EBITDA

 

$

2,533

   

$

1,651

   

53.5

%

 

$

6,535

   

$

5,403

   

21.0

%

 

(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

 

October 31,

2020

 

November 2,

2019

   

Operating income

 

$

5,901

   

$

4,577

     

 + Net other income / (expense)

 

(46)

   

45

     

EBIT

 

5,855

   

4,622

     

 + Operating lease interest (a)

 

87

   

86

     

 - Income taxes (b)

 

1,277

   

1,043

     

Net operating profit after taxes

 

$

4,665

   

$

3,665

     
 

Denominator

 

October 31,

2020

 

November 2,

2019

 

November 3,

2018

Current portion of long-term debt and other borrowings

 

$

131

   

$

1,159

   

$

1,535

 

 + Noncurrent portion of long-term debt

 

12,490

   

10,513

   

10,104

 

 + Shareholders' investment

 

13,319

   

11,545

   

11,080

 

 + Operating lease liabilities (c)

 

2,400

   

2,390

   

2,208

 

 - Cash and cash equivalents

 

5,996

   

969

   

825

 

Invested capital

 

$

22,344

   

$

24,638

   

$

24,102

 

Average invested capital (d)

 

$

23,491

   

$

24,369

     

After-tax return on invested capital

 

19.9

%

 

15.0

%

   
   

(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 21.5 percent and 22.1 percent for the trailing twelve months ended October 31, 2020, and November 2, 2019, respectively. For the twelve months ended October 31, 2020, and November 2, 2019, includes tax effect of $1.3 billion and $1.0 billion, respectively, related to EBIT and $19 million and $19 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.

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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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