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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Target Corp | NYSE:TGT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 0.32% | 164.97 | 166.275 | 164.14 | 165.15 | 2,085,520 | 00:18:04 |
|
|
Minnesota
|
|
41-0215170
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
1000 Nicollet Mall, Minneapolis, Minnesota
|
|
55403
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.0833 per share
|
|
TGT
|
|
New York Stock Exchange
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|||
Smaller reporting company
o
|
Emerging growth company
o
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
|
|
|
Consolidated Statements of Operations
|
|
|
|
||||
|
Three Months Ended
|
||||||
(millions, except per share data) (unaudited)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Sales
|
$
|
17,401
|
|
|
$
|
16,556
|
|
Other revenue
|
226
|
|
|
225
|
|
||
Total revenue
|
17,627
|
|
|
16,781
|
|
||
Cost of sales
|
12,248
|
|
|
11,625
|
|
||
Selling, general and administrative expenses
|
3,663
|
|
|
3,545
|
|
||
Depreciation and amortization (exclusive of depreciation included in cost of sales)
|
581
|
|
|
570
|
|
||
Operating income
|
1,135
|
|
|
1,041
|
|
||
Net interest expense
|
126
|
|
|
121
|
|
||
Net other (income) / expense
|
(12
|
)
|
|
(7
|
)
|
||
Earnings from continuing operations before income taxes
|
1,021
|
|
|
927
|
|
||
Provision for income taxes
|
229
|
|
|
210
|
|
||
Net earnings from continuing operations
|
792
|
|
|
717
|
|
||
Discontinued operations, net of tax
|
3
|
|
|
1
|
|
||
Net earnings
|
$
|
795
|
|
|
$
|
718
|
|
Basic earnings per share
|
|
|
|
||||
Continuing operations
|
$
|
1.54
|
|
|
$
|
1.34
|
|
Discontinued operations
|
—
|
|
|
—
|
|
||
Net earnings per share
|
$
|
1.54
|
|
|
$
|
1.34
|
|
Diluted earnings per share
|
|
|
|
||||
Continuing operations
|
$
|
1.53
|
|
|
$
|
1.33
|
|
Discontinued operations
|
—
|
|
|
—
|
|
||
Net earnings per share
|
$
|
1.53
|
|
|
$
|
1.33
|
|
Weighted average common shares outstanding
|
|
|
|
||||
Basic
|
515.7
|
|
|
536.9
|
|
||
Diluted
|
519.5
|
|
|
541.0
|
|
||
Antidilutive shares
|
0.1
|
|
|
2.2
|
|
Consolidated Statements of Comprehensive Income
|
|
||||||
|
Three Months Ended
|
||||||
(millions) (unaudited)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Net earnings
|
$
|
795
|
|
|
$
|
718
|
|
Other comprehensive income
|
|
|
|
|
|
||
Pension, net of tax
|
10
|
|
|
13
|
|
||
Currency translation adjustment and cash flow hedges, net of tax
|
3
|
|
|
(3
|
)
|
||
Other comprehensive income
|
13
|
|
|
10
|
|
||
Comprehensive income
|
$
|
808
|
|
|
$
|
728
|
|
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
|
|
|||
(millions, except footnotes) (unaudited)
|
May 4,
2019 |
|
|
February 2,
2019 |
|
|
May 5,
2018 |
|
|||
Assets
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
1,173
|
|
|
$
|
1,556
|
|
|
$
|
1,060
|
|
Inventory
|
9,060
|
|
|
9,497
|
|
|
8,652
|
|
|||
Other current assets
|
1,374
|
|
|
1,466
|
|
|
1,164
|
|
|||
Total current assets
|
11,607
|
|
|
12,519
|
|
|
10,876
|
|
|||
Property and equipment
|
|
|
|
|
|
|
|
|
|||
Land
|
6,061
|
|
|
6,064
|
|
|
6,090
|
|
|||
Buildings and improvements
|
29,573
|
|
|
29,240
|
|
|
28,363
|
|
|||
Fixtures and equipment
|
5,401
|
|
|
5,912
|
|
|
5,135
|
|
|||
Computer hardware and software
|
2,553
|
|
|
2,544
|
|
|
2,511
|
|
|||
Construction-in-progress
|
574
|
|
|
460
|
|
|
639
|
|
|||
Accumulated depreciation
|
(18,456
|
)
|
|
(18,687
|
)
|
|
(17,971
|
)
|
|||
Property and equipment, net
|
25,706
|
|
|
25,533
|
|
|
24,767
|
|
|||
Operating lease assets
|
2,019
|
|
|
1,965
|
|
|
1,958
|
|
|||
Other noncurrent assets
|
1,287
|
|
|
1,273
|
|
|
1,328
|
|
|||
Total assets
|
$
|
40,619
|
|
|
$
|
41,290
|
|
|
$
|
38,929
|
|
Liabilities and shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
$
|
8,360
|
|
|
$
|
9,761
|
|
|
$
|
8,131
|
|
Accrued and other current liabilities
|
3,823
|
|
|
4,201
|
|
|
3,630
|
|
|||
Current portion of long-term debt and other borrowings
|
1,056
|
|
|
1,052
|
|
|
283
|
|
|||
Total current liabilities
|
13,239
|
|
|
15,014
|
|
|
12,044
|
|
|||
Long-term debt and other borrowings
|
11,357
|
|
|
10,223
|
|
|
11,107
|
|
|||
Noncurrent operating lease liabilities
|
2,064
|
|
|
2,004
|
|
|
2,007
|
|
|||
Deferred income taxes
|
1,034
|
|
|
972
|
|
|
744
|
|
|||
Other noncurrent liabilities
|
1,808
|
|
|
1,780
|
|
|
1,869
|
|
|||
Total noncurrent liabilities
|
16,263
|
|
|
14,979
|
|
|
15,727
|
|
|||
Shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Common stock
|
43
|
|
|
43
|
|
|
44
|
|
|||
Additional paid-in capital
|
5,908
|
|
|
6,042
|
|
|
5,664
|
|
|||
Retained earnings
|
5,958
|
|
|
6,017
|
|
|
6,187
|
|
|||
Accumulated other comprehensive loss
|
(792
|
)
|
|
(805
|
)
|
|
(737
|
)
|
|||
Total shareholders’ investment
|
11,117
|
|
|
11,297
|
|
|
11,158
|
|
|||
Total liabilities and shareholders’ investment
|
$
|
40,619
|
|
|
$
|
41,290
|
|
|
$
|
38,929
|
|
Consolidated Statements of Cash Flows
|
|
|
|
||||
|
Three Months Ended
|
||||||
(millions) (unaudited)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Operating activities
|
|
|
|
|
|
||
Net earnings
|
$
|
795
|
|
|
$
|
718
|
|
Earnings from discontinued operations, net of tax
|
3
|
|
|
1
|
|
||
Net earnings from continuing operations
|
792
|
|
|
717
|
|
||
Adjustments to reconcile net earnings to cash provided by operations
|
|
|
|
|
|
||
Depreciation and amortization
|
644
|
|
|
631
|
|
||
Share-based compensation expense
|
46
|
|
|
42
|
|
||
Deferred income taxes
|
59
|
|
|
48
|
|
||
Noncash losses
/
(gains) and other, net
|
10
|
|
|
40
|
|
||
Changes in operating accounts
|
|
|
|
|
|||
Inventory
|
438
|
|
|
(55
|
)
|
||
Other assets
|
17
|
|
|
26
|
|
||
Accounts payable
|
(1,402
|
)
|
|
(604
|
)
|
||
Accrued and other liabilities
|
(281
|
)
|
|
(333
|
)
|
||
Cash provided by operating activities—continuing operations
|
323
|
|
|
512
|
|
||
Cash provided by
operating activities—discontinued operations
|
—
|
|
|
2
|
|
||
Cash provided by operations
|
323
|
|
|
514
|
|
||
Investing activities
|
|
|
|
|
|
||
Expenditures for property and equipment
|
(655
|
)
|
|
(827
|
)
|
||
Proceeds from disposal of property and equipment
|
5
|
|
|
4
|
|
||
Other investments
|
1
|
|
|
5
|
|
||
Cash required for investing activities
|
(649
|
)
|
|
(818
|
)
|
||
Financing activities
|
|
|
|
|
|
||
Additions to long-term debt
|
994
|
|
|
—
|
|
||
Reductions of long-term debt
|
(13
|
)
|
|
(12
|
)
|
||
Dividends paid
|
(330
|
)
|
|
(334
|
)
|
||
Repurchase of stock
|
(320
|
)
|
|
(524
|
)
|
||
Accelerated share repurchase pending final settlement
|
(400
|
)
|
|
(425
|
)
|
||
Stock option exercises
|
12
|
|
|
16
|
|
||
Cash required for financing activities
|
(57
|
)
|
|
(1,279
|
)
|
||
Net decrease in cash and cash equivalents
|
(383
|
)
|
|
(1,583
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,556
|
|
|
2,643
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,173
|
|
|
$
|
1,060
|
|
Supplemental information
|
|
|
|
||||
Leased assets obtained in exchange for new finance lease liabilities
|
$
|
126
|
|
|
$
|
5
|
|
Leased assets obtained in exchange for new operating lease liabilities
|
107
|
|
|
113
|
|
Consolidated Statements of Shareholders’ Investment
|
||||||||||||||||||||||
|
Common
|
|
|
Stock
|
|
|
Additional
|
|
|
|
|
|
Accumulated Other
|
|
|
|
|
|||||
|
Stock
|
|
|
Par
|
|
|
Paid-in
|
|
|
Retained
|
|
|
Comprehensive
|
|
|
|
|
|||||
(millions) (unaudited)
|
Shares
|
|
|
Value
|
|
|
Capital
|
|
|
Earnings
|
|
|
(Loss)
/
Income
|
|
|
Total
|
|
|||||
February 3, 2018
|
541.7
|
|
|
$
|
45
|
|
|
$
|
5,858
|
|
|
$
|
6,495
|
|
|
$
|
(747
|
)
|
|
$
|
11,651
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
718
|
|
|
—
|
|
|
718
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(333
|
)
|
|
—
|
|
|
(333
|
)
|
|||||
Repurchase of stock
|
(6.9
|
)
|
|
(1
|
)
|
|
—
|
|
|
(493
|
)
|
|
—
|
|
|
(494
|
)
|
|||||
Accelerated share repurchase pending final settlement
|
(2.9
|
)
|
|
—
|
|
|
(225
|
)
|
|
(200
|
)
|
|
—
|
|
|
(425
|
)
|
|||||
Stock options and awards
|
1.0
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|||||
May 5, 2018
|
532.9
|
|
|
$
|
44
|
|
|
$
|
5,664
|
|
|
$
|
6,187
|
|
|
$
|
(737
|
)
|
|
$
|
11,158
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
—
|
|
|
799
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(341
|
)
|
|
—
|
|
|
(341
|
)
|
|||||
Repurchase of stock
|
(2.9
|
)
|
|
—
|
|
|
225
|
|
|
(232
|
)
|
|
—
|
|
|
(7
|
)
|
|||||
Accelerated share repurchase pending final settlement
|
(4.6
|
)
|
|
—
|
|
|
(170
|
)
|
|
(355
|
)
|
|
—
|
|
|
(525
|
)
|
|||||
Stock options and awards
|
0.7
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|||||
August 4, 2018
|
526.1
|
|
|
$
|
44
|
|
|
$
|
5,788
|
|
|
$
|
6,058
|
|
|
$
|
(723
|
)
|
|
$
|
11,167
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
622
|
|
|
—
|
|
|
622
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(338
|
)
|
|
—
|
|
|
(338
|
)
|
|||||
Repurchase of stock
|
(1.7
|
)
|
|
(1
|
)
|
|
170
|
|
|
(171
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Accelerated share repurchase pending final settlement
|
(3.5
|
)
|
|
—
|
|
|
(163
|
)
|
|
(287
|
)
|
|
—
|
|
|
(450
|
)
|
|||||
Stock options and awards
|
0.9
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|||||
November 3, 2018
|
521.8
|
|
|
$
|
43
|
|
|
$
|
5,867
|
|
|
$
|
5,884
|
|
|
$
|
(714
|
)
|
|
$
|
11,080
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
799
|
|
|
—
|
|
|
799
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91
|
)
|
|
(91
|
)
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(336
|
)
|
|
—
|
|
|
(336
|
)
|
|||||
Repurchase of stock
|
(4.7
|
)
|
|
—
|
|
|
163
|
|
|
(330
|
)
|
|
—
|
|
|
(167
|
)
|
|||||
Stock options and awards
|
0.7
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|||||
February 2, 2019
|
517.8
|
|
|
$
|
43
|
|
|
$
|
6,042
|
|
|
$
|
6,017
|
|
|
$
|
(805
|
)
|
|
$
|
11,297
|
|
Consolidated Statements of Shareholders’ Investment
|
||||||||||||||||||||||
|
Common
|
|
|
Stock
|
|
|
Additional
|
|
|
|
|
|
Accumulated Other
|
|
|
|
|
|||||
|
Stock
|
|
|
Par
|
|
|
Paid-in
|
|
|
Retained
|
|
|
Comprehensive
|
|
|
|
|
|||||
(millions) (unaudited)
|
Shares
|
|
|
Value
|
|
|
Capital
|
|
|
Earnings
|
|
|
(Loss)
/
Income
|
|
|
Total
|
|
|||||
February 2, 2019
|
517.8
|
|
|
$
|
43
|
|
|
$
|
6,042
|
|
|
$
|
6,017
|
|
|
$
|
(805
|
)
|
|
$
|
11,297
|
|
Net earnings
|
—
|
|
|
—
|
|
|
—
|
|
|
795
|
|
|
—
|
|
|
795
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(330
|
)
|
|
—
|
|
|
(330
|
)
|
|||||
Repurchase of stock
|
(3.6
|
)
|
|
—
|
|
|
—
|
|
|
(277
|
)
|
|
—
|
|
|
(277
|
)
|
|||||
Accelerated share repurchase pending final settlement
|
(3.0
|
)
|
|
—
|
|
|
(153
|
)
|
|
(247
|
)
|
|
—
|
|
|
(400
|
)
|
|||||
Stock options and awards
|
1.1
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|||||
May 4, 2019
|
512.3
|
|
|
$
|
43
|
|
|
$
|
5,908
|
|
|
$
|
5,958
|
|
|
$
|
(792
|
)
|
|
$
|
11,117
|
|
Revenues
|
Three Months Ended
|
||||||
(millions)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Apparel and accessories
(a)
|
$
|
3,290
|
|
|
$
|
3,113
|
|
Beauty and household essentials
(a)
|
4,971
|
|
|
4,617
|
|
||
Food and beverage
|
3,722
|
|
|
3,587
|
|
||
Hardlines
|
2,385
|
|
|
2,313
|
|
||
Home furnishings and décor
|
3,001
|
|
|
2,903
|
|
||
Other
|
32
|
|
|
23
|
|
||
Sales
|
17,401
|
|
|
16,556
|
|
||
|
|
|
|
||||
Credit card profit sharing
|
160
|
|
|
167
|
|
||
Other
|
66
|
|
|
58
|
|
||
Other revenue
|
226
|
|
|
225
|
|
||
|
|
|
|
||||
Total revenue
|
$
|
17,627
|
|
|
$
|
16,781
|
|
(a)
|
For the three months ended May 4, 2019, and May 5, 2018, we reclassified certain non-apparel baby merchandise sales totaling
$456 million
and
$390 million
, respectively, from Apparel and Accessories to Beauty and Household Essentials.
|
(millions)
|
February 2,
2019 |
|
|
Gift Cards Issued During Current Period But Not Redeemed
(a)
|
|
|
Revenue Recognized From Beginning Liability
|
|
|
May 4,
2019 |
|
||||
Gift card liability
|
$
|
840
|
|
|
$
|
213
|
|
|
$
|
(322
|
)
|
|
$
|
731
|
|
(a)
|
Net of estimated breakage.
|
Fair Value Measurements - Recurring Basis
|
|
|
Fair Value at
|
||||||||||
(millions)
|
Classification
|
Pricing Category
|
May 4,
2019 |
|
|
February 2,
2019 |
|
|
May 5,
2018 |
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|
|||
Short-term investments
|
Cash and Cash Equivalents
|
Level 1
|
$
|
419
|
|
|
$
|
769
|
|
|
$
|
311
|
|
Prepaid forward contracts
|
Other Current Assets
|
Level 1
|
21
|
|
|
19
|
|
|
21
|
|
|||
Interest rate swaps
|
Other Noncurrent Assets
|
Level 2
|
23
|
|
|
10
|
|
|
—
|
|
|||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
|
Other Current Liabilities
|
Level 2
|
1
|
|
|
3
|
|
|
—
|
|
|||
Interest rate swaps
|
Other Noncurrent Liabilities
|
Level 2
|
—
|
|
|
—
|
|
|
10
|
|
Significant Financial Instruments not Measured at Fair Value
(a)
(millions)
|
May 4, 2019
|
|
February 2, 2019
|
|
May 5, 2018
|
|||||||||||||||
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|||||||
Long-term debt, including current portion
(b)
|
$
|
11,243
|
|
$
|
12,015
|
|
|
$
|
10,247
|
|
$
|
10,808
|
|
|
$
|
10,442
|
|
$
|
10,782
|
|
(a)
|
The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.
|
(b)
|
The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.
|
|
Three Months Ended
|
||||||
(millions, except per share data)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Total number of shares purchased
|
3.6
|
|
|
6.9
|
|
||
Average price paid per share
|
$
|
76.98
|
|
|
$
|
71.24
|
|
Total investment
|
$
|
277
|
|
|
$
|
494
|
|
Net Pension Benefits Expense
|
|
Three Months Ended
|
||||||
(millions)
|
Classification
|
May 4,
2019 |
|
|
May 5,
2018 |
|
||
Service cost benefits earned
|
SG&A Expenses
|
$
|
23
|
|
|
$
|
24
|
|
Interest cost on projected benefit obligation
|
Net Other (Income) / Expense
|
37
|
|
|
37
|
|
||
Expected return on assets
|
Net Other (Income) / Expense
|
(62
|
)
|
|
(62
|
)
|
||
Amortization of losses
|
Net Other (Income) / Expense
|
16
|
|
|
21
|
|
||
Amortization of prior service cost
|
Net Other (Income) / Expense
|
(3
|
)
|
|
(3
|
)
|
||
Total
|
|
$
|
11
|
|
|
$
|
17
|
|
(millions)
|
Cash Flow
Hedges
|
|
|
Currency
Translation
Adjustment
|
|
|
Pension
|
|
|
Total
|
|
||||
February 2, 2019
|
$
|
(13
|
)
|
|
$
|
(20
|
)
|
|
$
|
(772
|
)
|
|
$
|
(805
|
)
|
Other comprehensive income before reclassifications, net of tax
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Amounts reclassified from AOCI, net of tax
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||
May 4, 2019
|
$
|
(13
|
)
|
|
$
|
(17
|
)
|
|
$
|
(762
|
)
|
|
$
|
(792
|
)
|
•
|
GAAP earnings per share from continuing operations and adjusted earnings per share were
$1.53
.
|
•
|
Total revenue increased
5.0 percent
, driven by a comparable sales increase and sales from new stores.
|
•
|
Comparable sales increased
4.8
percent, driven by a
4.3 percent
increase in traffic.
|
◦
|
Comparable store sales grew
2.7 percent
.
|
◦
|
Digital channel sales increased
42 percent
, contributing
2.1
percentage points to comparable sales growth.
|
•
|
Operating income of
$1,135 million
was
9.0 percent
higher than the comparable prior-year period.
|
Earnings Per Share from Continuing Operations
|
Three Months Ended
|
|
|
|
||||||
May 4,
2019 |
|
|
May 5,
2018 |
|
|
Change
|
|
|||
GAAP diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.33
|
|
|
15.1
|
%
|
Adjustments
|
—
|
|
|
(0.01
|
)
|
|
|
|||
Adjusted diluted earnings per share
|
$
|
1.53
|
|
|
$
|
1.32
|
|
|
15.9
|
%
|
|
Three Months Ended
|
|
|
|
||||||
(dollars in millions)
|
May 4,
2019 |
|
|
May 5,
2018 |
|
|
Change
|
|
||
Sales
|
$
|
17,401
|
|
|
$
|
16,556
|
|
|
5.1
|
%
|
Other revenue
|
226
|
|
|
225
|
|
|
0.5
|
|
||
Total revenue
|
17,627
|
|
|
16,781
|
|
|
5.0
|
|
||
Cost of sales
|
12,248
|
|
|
11,625
|
|
|
5.4
|
|
||
Selling, general and administrative expenses
|
3,663
|
|
|
3,545
|
|
|
3.3
|
|
||
Depreciation and amortization (exclusive of depreciation included in cost of sales)
|
581
|
|
|
570
|
|
|
1.9
|
|
||
Operating income
|
$
|
1,135
|
|
|
$
|
1,041
|
|
|
9.0
|
%
|
Rate Analysis
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Gross margin rate
|
29.6
|
%
|
|
29.8
|
%
|
SG&A expense rate
|
20.8
|
|
|
21.1
|
|
Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate
|
3.3
|
|
|
3.4
|
|
Operating income margin rate
|
6.4
|
|
|
6.2
|
|
Comparable Sales
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Comparable sales change
|
4.8
|
%
|
|
3.0
|
%
|
Drivers of change in comparable sales
|
|
|
|
|
|
Number of transactions
|
4.3
|
|
|
3.7
|
|
Average transaction amount
|
0.5
|
|
|
(0.6
|
)
|
Contribution to Comparable Sales Change
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Stores channel comparable sales change
|
2.7
|
%
|
|
1.9
|
%
|
Digital channel contribution to comparable sales change
|
2.1
|
|
|
1.1
|
|
Total comparable sales change
|
4.8
|
%
|
|
3.0
|
%
|
Sales by Channel
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Stores originated
|
92.9
|
%
|
|
94.8
|
%
|
Digitally originated
|
7.1
|
|
|
5.2
|
|
Total
|
100
|
%
|
|
100
|
%
|
REDcard Penetration
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Target Debit Card
|
13.1
|
%
|
|
13.5
|
%
|
Target Credit Cards
|
10.4
|
|
|
10.6
|
|
Total REDcard Penetration
|
23.5
|
%
|
|
24.1
|
%
|
Change in Number of Stores
|
Three Months Ended
|
||||
|
May 4,
2019 |
|
|
May 5,
2018 |
|
Beginning store count
|
1,844
|
|
|
1,822
|
|
Opened
|
7
|
|
|
7
|
|
Closed
|
—
|
|
|
—
|
|
Ending store count
|
1,851
|
|
|
1,829
|
|
Number of Stores and
Retail Square Feet |
Number of Stores
|
|
Retail Square Feet
(a)
|
||||||||||
May 4,
2019 |
|
February 2,
2019 |
|
May 5,
2018 |
|
|
May 4,
2019 |
|
February 2,
2019 |
|
May 5,
2018 |
|
|
170,000 or more sq. ft.
|
272
|
|
272
|
|
274
|
|
|
48,603
|
|
48,604
|
|
48,951
|
|
50,000 to 169,999 sq. ft.
|
1,501
|
|
1,501
|
|
1,502
|
|
|
188,918
|
|
188,900
|
|
189,258
|
|
49,999 or less sq. ft.
|
78
|
|
71
|
|
53
|
|
|
2,276
|
|
2,077
|
|
1,477
|
|
Total
|
1,851
|
|
1,844
|
|
1,829
|
|
|
239,797
|
|
239,581
|
|
239,686
|
|
|
|
Three Months Ended
|
||||||||||||||||||
|
|
May 4, 2019
|
|
May 5, 2018
|
||||||||||||||||
(millions, except per share data)
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
||
GAAP diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.53
|
|
|
|
|
|
|
$
|
1.33
|
|
||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income tax matters
(a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(0.01
|
)
|
||
Adjusted diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.53
|
|
|
|
|
|
|
$
|
1.32
|
|
(a)
|
Represents certain income tax matters not related to current period operations.
|
EBIT and EBITDA
|
|
Three Months Ended
|
|
|
|||||||
(dollars in millions) (unaudited)
|
|
May 4,
2019 |
|
May 5,
2018 |
|
Change
|
|||||
Net earnings from continuing operations
|
|
$
|
792
|
|
|
$
|
717
|
|
|
10.5
|
%
|
+ Provision for income taxes
|
|
229
|
|
|
210
|
|
|
9.2
|
|
||
+ Net interest expense
|
|
126
|
|
|
121
|
|
|
3.3
|
|
||
EBIT
|
|
$
|
1,147
|
|
|
$
|
1,048
|
|
|
9.4
|
%
|
+ Total depreciation and amortization
(a)
|
|
644
|
|
|
631
|
|
|
2.0
|
|
||
EBITDA
|
|
$
|
1,791
|
|
|
$
|
1,679
|
|
|
6.6
|
%
|
(a)
|
Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.
|
After-Tax Return on Invested Capital
|
|
|
||||||||||
(dollars in millions)
|
|
|
|
|
||||||||
|
|
Trailing Twelve Months
|
|
|
||||||||
Numerator
|
|
May 4,
2019 |
|
|
May 5,
2018
(a)
|
|
|
|
||||
Operating income
|
|
$
|
4,204
|
|
|
$
|
4,110
|
|
|
|
||
+ Net other income / (expense)
|
|
33
|
|
|
51
|
|
|
|
||||
EBIT
|
|
4,237
|
|
|
4,161
|
|
|
|
||||
+ Operating lease interest
(b)
|
|
84
|
|
|
80
|
|
|
|
||||
- Income taxes
(c)(d)
|
|
878
|
|
|
692
|
|
|
|
||||
Net operating profit after taxes
|
|
$
|
3,443
|
|
|
$
|
3,549
|
|
|
|
Denominator
|
|
May 4,
2019 |
|
|
May 5,
2018 |
|
|
April 29,
2017 |
|
|||
Current portion of long-term debt and other borrowings
|
|
$
|
1,056
|
|
|
$
|
283
|
|
|
$
|
1,729
|
|
+ Noncurrent portion of long-term debt
|
|
11,357
|
|
|
11,107
|
|
|
10,916
|
|
|||
+ Shareholders' equity
|
|
11,117
|
|
|
11,158
|
|
|
10,979
|
|
|||
+ Operating lease liabilities
(e)
|
|
2,231
|
|
|
2,157
|
|
|
2,049
|
|
|||
- Cash and cash equivalents
|
|
1,173
|
|
|
1,060
|
|
|
2,680
|
|
|||
- Net assets of discontinued operations
(f)
|
|
—
|
|
|
—
|
|
|
17
|
|
|||
Invested capital
|
|
$
|
24,588
|
|
|
$
|
23,645
|
|
|
$
|
22,976
|
|
Average invested capital
(g)
|
|
$
|
24,116
|
|
|
$
|
23,310
|
|
|
|
After-tax return on invested capital
(d)
|
|
14.3
|
%
|
|
15.2
|
%
|
|
|
After-tax return on invested capital excluding discrete impacts of Tax Act
(d)
|
|
14.1
|
%
|
|
13.5
|
%
|
|
|
(a)
|
Consisted of 53 weeks.
|
(b)
|
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 Expenses. 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.
|
(c)
|
Calculated using the effective tax rates for continuing operations, which were
20.3 percent
and
16.3 percent
for the trailing twelve months ended
May 4, 2019
, and
May 5, 2018
, respectively. For the trailing twelve months ended
May 4, 2019
, and
May 5, 2018
, includes tax effect of
$861 million
and
$679 million
, respectively, related to EBIT, and
$17 million
and
$13 million
, respectively, related to operating lease interest.
|
(d)
|
The effective tax rate for the trailing twelve months ended
May 4, 2019
, and
May 5, 2018
, includes discrete tax benefits of $36 million and $343 million, respectively, related to the Tax Act.
|
(e)
|
Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities.
|
(f)
|
Included in Other Assets and Liabilities.
|
(g)
|
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.
|
Credit Ratings
|
Moody’s
|
Standard and Poor’s
|
Fitch
|
Long-term debt
|
A2
|
A
|
A-
|
Commercial paper
|
P-1
|
A-1
|
F2
|
•
|
We are in the process of a broad multi-year migration of many mainframe-based systems and middleware products to a modern platform, including systems supporting inventory and supply chain-related transactions.
|
Period
|
Total Number
of Shares
Purchased
|
|
|
Average
Price
Paid per
Share
|
|
|
Total Number of
Shares Purchased
as Part of Publicly Announced Programs
|
|
|
Dollar Value of
Shares that May
Yet Be Purchased
Under Publicly Announced Programs
|
|
||
February 3, 2019 through March 2, 2019
|
|
|
|
|
|
|
|
||||||
February 2019 ASR
|
1,500,000
|
|
|
$
|
74.23
|
|
|
1,500,000
|
|
|
$
|
1,417,349,966
|
|
March 3, 2019 through April 6, 2019
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
1,315,000
|
|
|
78.53
|
|
|
1,315,000
|
|
|
1,314,080,887
|
|
||
April 7, 2019 through May 4, 2019
|
|
|
|
|
|
|
|
||||||
February 2019 ASR
|
183,903
|
|
|
74.23
|
|
|
183,903
|
|
|
1,414,080,887
|
|
||
Open market and privately negotiated purchases
|
604,720
|
|
|
81.27
|
|
|
604,720
|
|
|
1,364,936,694
|
|
||
April 2019 ASR
(a)
|
3,000,000
|
|
|
TBD
|
|
|
3,000,000
|
|
|
964,936,694
|
|
||
Total
|
6,603,623
|
|
|
TBD
|
|
|
6,603,623
|
|
|
$
|
964,936,694
|
|
(a)
|
Refer to Note 6 of the Consolidated Financial Statements for further details about the ASR arrangements.
|
|
|
TARGET CORPORATION
|
||
|
|
||
|
|
||
Dated: May 31, 2019
|
By:
|
/s/ Cathy R. Smith
|
|
|
|
Cathy R. Smith
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and
|
|
|
|
Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Robert M. Harrison
|
|
|
|
|
Robert M. Harrison
|
|
|
|
Senior Vice President, Chief Accounting Officer
|
|
|
|
and Controller
|
|
|
|
|
|
|
|
|
|
|
|
|
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