In a press release dated May 19th Target Corporation (TGT) announced results for the 1st Quarter of FY 2021 ending May 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)
|
1st Quarter Ending
|
May 1st 2021
|
May 2nd 2020
|
Difference (%)
|
|
Sales:
|
$24,197,000
|
$19,615,000
|
+23.4
|
|
Gross profit:
|
$7,481,000
|
$5,105,000
|
+46.5
|
|
Operating income:
|
$2,374,000
|
$468,000
|
+407.3
|
|
Pre-tax Income
Net Income
|
$2,609,000
$2,097,000
|
$329,000
$284,000
|
+692.2
+638.3
|
|
Diluted earnings per share:
|
$4.17
|
$0.56
|
+646.6
|
|
Gross Margin (%)
|
30.9
|
26.0
|
+18.9
|
|
Operating Margin (%)
|
9.8
|
2.4
|
+308.3
|
|
Profit Margin (%)
|
8.7
|
1.5
|
+480.0
|
|
Long-term Debt and lease obligations:
|
$15,745,000
|
$18,103,000
|
-13.0
|
|
12-Months Trailing:
|
|
Return on Assets (%)
|
8.8
|
|
Return on Equity (%)
|
33.3
|
|
Operating Margin (%)
|
7.1
|
|
Profit Margin (%)
|
4.7
|
|
Total Assets
|
$50,471,000
|
$44,806,000
|
+12.6
|
|
Market Capitalization
|
$108,970,000
|
52-Week Range in Share Price: $114.23 to $219.82 50-day Moving average $206.84
Market Close May18th $206.48 Market close May 19th post release $219.01
Forward P/E 24.1 Beta 1.0
Capital expenditure Q1 FT 2021 $$540 million ($751 million Q1 FY 2020)
Comparative same-store sales grew by18.0 percent. E-commerce by 50 percent
Guidance for FY 2021 included “ high double single digit increases in comparative same-store sales and revenue”
In commenting on Q1 results Brian Cornell, Chairman and CEO of stated, “our performance in the first quarter was outstanding on every measure, and showcased the power of putting our stores at the center of our strategy. Store comp. sales grew 18.0 percent in the quarter, even as they also fulfilled more than three quarters of Target's digital sales - including more than 90-percent growth of our same-day services. Importantly, market-share gains of more than $1 billion in the first quarter, on top of $1 billion in share gains a year ago, demonstrate Target's continued relevance with our guests, even as they have many more shopping options compared with a year ago,"
He concluded "given the trust we've built with our guests quarter after quarter and our commitment to adjusting along with them to the ongoing shifts in the macro environment, we're confident in continued comp. growth in the second quarter and through the remainder of the year, as well as a healthy full-year operating margin rate."