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Target Corporation Posts Q4 and FY2020 Results

 03/03/2021

On March 2nd Target Corporation (TGT) posted results for Q4 and FY2020 ending January 30th.  For the quarter, the company earned $13.80 billion on revenue of $28.33 billion with an EPS of $2.73.  For the corresponding Q4 of FY2019, Target earned $834 million on sales of $23.40 billion with an EPS of $1.63.  Revenue was 21.1 percent higher and net earnings increased by 65.6 percent.

 

For fiscal 2020, the company posted net earnings of $4.37 billion on revenue of $92.40 billion with an EPS of $8.64. Comparable figures for FY2019 were net earnings of $3.27 billion on revenue of $77.13 billion with an EPS of $6.36.  Revenue for the year increased by 19.8 percent and earnings by 33.6 percent. 

 

Comparable same-store sales increased by 6.9 percent for Q4, digital sales were 115 percent higher and drive-up sales increased by 500 percent. During Q4, digital sales represented 22 percent of revenue.

 

Target has total assets of $51.248 billion, up 20 percent from the end of FY2019. Long-term debt and lease obligations attained $13.75 billion, 1.0 percent higher than on February 1st, 2020.

 

In commenting on results, Brian Cornell, Chairman and CEO stated, "following years of investment to build a durable, scalable and sustainable business model, we saw record growth in 2020 as our guests turned to Target to safely provide for their families throughout the pandemic".  He added, "with the strength of our unique, multi-category assortment and the flexibility we offer through our reliable and convenient fulfillment options, we gained nearly $9 billion in market share in 2020 and grew our revenue by $15 billion which is more than the eleven prior years combined".  Based on "highly fluid and uncertain outlook for consumer shopping patents and the impact of COVID-19" the company did not provide sales and EPS guidance for fiscal 2021. 

 

At the end of FY2020, Target Corporation operated 1,897 stores with total retail area of 241,648 square feet. The company invested $2.65 billion in property and equipment during fiscal 2020.

 

Target Corporation has a market capitalization of $93.19 billion.  The company has traded over the past fifty-two weeks in a range of $90.17 to $199.96 with a 50-day moving average of $189.42.  TGT trades with a forward P/E of 21.28.

 

Twelve-month trailing operating margin was 7.0 percent and profit margin 4.3 percent.  The company has generated returns on assets of 8.2 percent and 30.7 percent on equity.