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Target Reports on Q2

 08/20/2020

In a press release dated August 19th Target Corporation (TGT) announced results for the 2nd Quarter of FT 2020 ending August 1st

The following table summarizes the results for the period compared with the values for the corresponding quarter of the previous fiscal year (Values expressed as US$ x 1,000 except EPS)

2nd Quarter Ending

Aug. 1st 2020

August 3rd 2019

Difference (%)

Sales:

$22,975,000

$18,422,000

+24.7

Gross profit:

$7,302,000

$5,799,000

+25.9

Operating income:

$2,300,000

$1,324,000

+73.7

Pre-tax Income

Net Income

$2,189,000

$1,690,000

$1,217,000

$938,000

+79.9

+80.2

Diluted earnings per share:

$3.35

$1.82

+84.1

Gross Margin (%)

31.8

31.5

+1.0

Operating Margin (%)

10.6

7.1

+40.8

Profit Margin (%)

6.9

5.1

+35.3

Long-term Debt:

$16,429,000

$13,613,000

+20.7

12 Months Trailing:

Return on Assets (%)

6.3

Return on Equity (%)

24.8

Operating Margin (%)

5.4

Profit Margin (%)

3.5

Total Assets

$48,000,000

$42,799,000

+12.2

Market Capitalization

$75,940,000

52-Week Range in Share Price: $ 90.17 to $156.08 50-day Moving average $126.05

Market Close pre-release Tuesday 18th August: $136.92.

Market post-release Wednesday 19th 10H30 $154.24

Forward P/E 28.3 Beta 0.8

Growth in same-store sales increased to 10.9 percent; Same-day deliveries were up 273 percent. TGT operates 1,871 stores.

In commenting on second quarter results Brian Cornell, Chairman and CEO of Target Corporation stated, “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," He added, "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."
Brian Cornell