Target Corporation Reports Third Quarter Earnings

PR Newswire11-20 19:30

MINNEAPOLIS, Nov. 20, 2024 /PRNewswire/ -- Third quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance. Guest traffic grew 2.4 percent over the prior year....

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}","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2484118058","pubTimestamp":1732102200,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Third quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance.Guest traffic grew 2.4 percent over the prior year.Digital comparable sales grew 10.8 percent reflecting nearly 20 percent growth in same-day delivery powered by Target Circle 360and double digit growth in Drive Up.Beauty comparable sales grew more than 6 percent. Food & Beverage and Essentials categories grew low-single digits compared to the prior year.Third quarter gross margin rate was down 0.2 percentage points to the prior year. Year-to-date, gross margin rate has expanded by a full percentage point compared to last year.Target Corporation  today announced its third quarter 2024 financial results, reflecting comparable sales growth driven entirely by traffic and strength in the digital channel.Comparable sales increased 0.3 percent in the third quarter, reflecting a comparable store sales decline of 1.9 percent and a comparable digital sales increase of 10.8 percent. Total reven","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","ROIC":"Retail Opportunity Investments C","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","BK4533":"AQR资本管理(全球第二大对冲基金)","GRO":"Brazil Potash Corp.","BK4080":"零售业房地产投资信托","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","TGT":"塔吉特","BK4588":"碎股","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4231":"零售房地产信托","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","BK4155":"大卖场与超市","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","BK4596":"哈里斯概念","BK4504":"桥水持仓","EBIT":"Harbor AlphaEdge Small Cap Earners ETF","BK4114":"综合货品商店","LU0823411888.USD":"法巴消费创新基金 Cap","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4532":"文艺复兴科技持仓","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD"},"translate_title":"塔吉特公司公布第三季度收益","themeId":"c6b5eeb136ad401b53932e9e59d6c958","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ROIC":1,"EBIT":1,"GRO":1,"TGT":0.9},"content_text":"MINNEAPOLIS, Nov. 20, 2024 /PRNewswire/ --\n\nThird quarter comparable sales increased 0.3 percent, driven by strong traffic and digital performance.\n\nGuest traffic grew 2.4 percent over the prior year.\nDigital comparable sales grew 10.8 percent reflecting nearly 20 percent growth in same-day delivery powered by Target Circle 360™ and double digit growth in Drive Up. \nBeauty comparable sales grew more than 6 percent. Food & Beverage and Essentials categories grew low-single digits compared to the prior year.\n\nThird quarter gross margin rate was down 0.2 percentage points to the prior year. Year-to-date, gross margin rate has expanded by a full percentage point compared to last year.\nThird quarter GAAP and Adjusted EPS of $1.85 was down 11.9 percent compared with last year.\n\nFor additional media materials, please visit:https://corporate.target.com/news-features/article/2024/11/q3-2024-earnings\nTarget Corporation (NYSE: TGT) today announced its third quarter 2024 financial results, reflecting comparable sales growth driven entirely by traffic and strength in the digital channel.\nThe Company reported third quarter GAAP and Adjusted earnings per share1 (EPS) of $1.85, compared with $2.10 in 2023. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.\n\n\n\n\n1Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items, when applicable. See the tables of this release for additional information. \n\n\n\n\n\"I'm proud of our team's efforts to navigate through a volatile operating environment during the third quarter. We saw several strengths across the business, including a 2.4 percent increase in traffic, nearly 11 percent growth in the digital channel, and continued growth in beauty and frequency categories. At the same time, we encountered some unique challenges and cost pressures that impacted our bottom-line performance,\" said Brian Cornell, chair and chief executive officer of Target Corporation. \"Looking ahead, our team is energized and ready to deliver the unique combination of newness and value that holiday shoppers can only find at Target, and we remain confident in the underlying strength and fundamentals of our business, and our ability to deliver on our longer-term financial goals.\"\nGuidance\nFor the fourth quarter, the Company expects approximately flat comparable sales and GAAP and Adjusted EPS of $1.85 to $2.45, translating to a full year expected GAAP and Adjusted EPS range of $8.30 to $8.90.\nOperating Results\nComparable sales increased 0.3 percent in the third quarter, reflecting a comparable store sales decline of 1.9 percent and a comparable digital sales increase of 10.8 percent. Total revenue of $25.7 billion in the third quarter was 1.1 percent higher than last year, reflecting a total sales increase of 0.9 percent and an 11.5 percent increase in other revenue. Third quarter operating income of $1.2 billion was 11.2 percent lower than last year.\nThird quarter operating income margin rate was 4.6 percent in 2024, compared with 5.2 percent in 2023. Third quarter gross margin rate was 27.2 percent, compared with 27.4 percent in 2023, reflecting higher digital fulfillment and supply chain costs due to the cost of managing higher inventory levels, increased digital sales volume, and new supply chain facilities coming online, partially offset by lower book to physical inventory adjustments and the net impact of merchandising activities as compared to the prior year.  Third quarter SG&A expense rate was 21.4 percent in 2024, compared with 20.9 percent in 2023, reflecting the combined impact of higher costs, including higher team member pay and benefits and higher general liability expenses, partially offset by disciplined cost management.\nInterest Expense and Taxes\nThe Company's third quarter 2024 net interest expense was $105 million, compared with $107 million last year.\nThird quarter 2024 effective income tax rate was 21.7 percent, compared with the prior year rate of 21.3 percent, reflecting lower discrete benefits in the current year.\nCapital Deployment and Return on Invested Capital\nThe Company paid dividends of $516 million in the third quarter, compared with $507 million last year, reflecting a 1.8 percent increase in the dividend per share.\nThe Company repurchased $354 million of its shares in the third quarter, retiring 2.4 million shares of common stock at an average price of $147.43.  As of the end of the quarter, the Company had approximately $9.2 billion of remaining capacity under the repurchase program approved by Target's Board of Directors in August 2021.\nFor the trailing twelve months through third quarter 2024, after-tax return on invested capital (ROIC) was 15.9 percent, compared with 13.9 percent for the trailing twelve months through third quarter 2023. The increase in ROIC reflects higher operating income, partially offset by higher average invested capital. The tables in this release provide additional information about the Company's ROIC calculation.\nWebcast Details\nTarget 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 Corporate.Target.com/Investors (click on \"Q3 2024 Target Corporation Earnings Conference Call\" under \"Events & Presentations\"). A replay of the webcast will be provided when available. The replay number is 1-800-513-1169.\nMiscellaneous\nStatements in this release regarding the Company's future financial performance, including its fiscal 2024 fourth quarter and full-year guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company's results 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 February 3, 2024. 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.\nAbout Target\nMinneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website (corporate.target.com) and press center.\n\n\n\n\nTARGET CORPORATION \n\n\n\n\n\nConsolidated Statements of Operations \n\n\n\n\nThree Months Ended \n\n\n\nNine Months Ended \n\n\n\n\n(millions, except per share data) (unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\n\nSales  \n\n$       25,228 \n\n$       25,004 \n\n0.9 % \n\n$       74,392 \n\n$       74,336 \n\n0.1 % \n\n\nOther revenue \n\n440 \n\n394 \n\n11.5 \n\n1,259 \n\n1,157 \n\n8.8 \n\n\nTotal revenue \n\n25,668 \n\n25,398 \n\n1.1 \n\n75,651 \n\n75,493 \n\n0.2 \n\n\nCost of sales \n\n18,375 \n\n18,149 \n\n1.2 \n\n53,623 \n\n54,333 \n\n(1.3) \n\n\nSelling, general and administrative expenses \n\n5,486 \n\n5,316 \n\n3.2 \n\n16,046 \n\n15,525 \n\n3.4 \n\n\nDepreciation and amortization (exclusive of depreciation included in cost of sales) \n\n639 \n\n616 \n\n3.6 \n\n1,883 \n\n1,793 \n\n5.0 \n\n\nOperating income \n\n1,168 \n\n1,317 \n\n(11.2) \n\n4,099 \n\n3,842 \n\n6.7 \n\n\nNet interest expense \n\n105 \n\n107 \n\n(1.5) \n\n321 \n\n395 \n\n(18.7) \n\n\nNet other income \n\n(28) \n\n(25) \n\n11.0 \n\n(77) \n\n(64) \n\n19.0 \n\n\nEarnings before income taxes \n\n1,091 \n\n1,235 \n\n(11.6) \n\n3,855 \n\n3,511 \n\n9.8 \n\n\nProvision for income taxes \n\n237 \n\n264 \n\n(9.9) \n\n867 \n\n755 \n\n14.9 \n\n\nNet earnings  \n\n$            854 \n\n$            971 \n\n(12.1) % \n\n$         2,988 \n\n$         2,756 \n\n8.4 % \n\n\nBasic earnings per share \n\n$           1.86 \n\n$           2.10 \n\n(11.8) % \n\n$           6.47 \n\n$           5.97 \n\n8.3 % \n\n\nDiluted earnings per share \n\n$           1.85 \n\n$           2.10 \n\n(11.9) % \n\n$           6.45 \n\n$           5.96 \n\n8.3 % \n\n\nWeighted average common shares outstanding \n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBasic \n\n460.1 \n\n461.6 \n\n(0.3) % \n\n461.6 \n\n461.4 \n\n0.1 % \n\n\nDiluted \n\n461.5 \n\n462.6 \n\n(0.2) % \n\n462.9 \n\n462.7 \n\n0.1 % \n\n\nAntidilutive shares \n\n0.5 \n\n3.0 \n\n\n\n0.5 \n\n2.6 \n\n\n\n\nDividends declared per share \n\n$           1.12 \n\n$           1.10 \n\n1.8 % \n\n$           3.34 \n\n$           3.28 \n\n1.8 % \n\n\n\n\n\n\n\n\nTARGET CORPORATION \n\n\n\n\n\nConsolidated Statements of Financial Position \n\n\n(millions, except footnotes) (unaudited) \n\nNovember 2, 2024 \n\nFebruary 3, 2024 \n\nOctober 28, 2023 \n\n\nAssets \n\n\n\n\n\n\n\n\nCash and cash equivalents \n\n$              3,433 \n\n$              3,805 \n\n$             1,910 \n\n\nInventory \n\n15,165 \n\n11,886 \n\n14,731 \n\n\nOther current assets \n\n1,956 \n\n1,807 \n\n1,958 \n\n\nTotal current assets \n\n20,554 \n\n17,498 \n\n18,599 \n\n\nProperty and equipment \n\n\n\n\n\n\n\n\nLand \n\n6,666 \n\n6,547 \n\n6,520 \n\n\nBuildings and improvements \n\n38,666 \n\n37,066 \n\n36,627 \n\n\nFixtures and equipment \n\n8,840 \n\n8,765 \n\n8,490 \n\n\nComputer hardware and software \n\n3,549 \n\n3,428 \n\n3,312 \n\n\nConstruction-in-progress \n\n758 \n\n1,703 \n\n2,000 \n\n\nAccumulated depreciation \n\n(25,548) \n\n(24,413) \n\n(23,781) \n\n\nProperty and equipment, net \n\n32,931 \n\n33,096 \n\n33,168 \n\n\nOperating lease assets \n\n3,513 \n\n3,362 \n\n3,086 \n\n\nOther noncurrent assets \n\n1,533 \n\n1,400 \n\n1,376 \n\n\nTotal assets \n\n$           58,531 \n\n$           55,356 \n\n$           56,229 \n\n\nLiabilities and shareholders' investment \n\n\n\n\n\n\n\n\nAccounts payable \n\n$           14,419 \n\n$           12,098 \n\n$           14,291 \n\n\nAccrued and other current liabilities \n\n5,738 \n\n6,090 \n\n6,099 \n\n\nCurrent portion of long-term debt and other borrowings \n\n1,635 \n\n1,116 \n\n1,112 \n\n\nTotal current liabilities \n\n21,792 \n\n19,304 \n\n21,502 \n\n\nLong-term debt and other borrowings \n\n14,346 \n\n14,922 \n\n14,883 \n\n\nNoncurrent operating lease liabilities \n\n3,418 \n\n3,279 \n\n3,031 \n\n\nDeferred income taxes \n\n2,419 \n\n2,480 \n\n2,447 \n\n\nOther noncurrent liabilities \n\n2,067 \n\n1,939 \n\n1,852 \n\n\nTotal noncurrent liabilities \n\n22,250 \n\n22,620 \n\n22,213 \n\n\nShareholders' investment \n\n\n\n\n\n\n\n\nCommon stock \n\n38 \n\n38 \n\n38 \n\n\nAdditional paid-in capital \n\n6,916 \n\n6,761 \n\n6,681 \n\n\nRetained earnings \n\n8,009 \n\n7,093 \n\n6,225 \n\n\nAccumulated other comprehensive loss \n\n(474) \n\n(460) \n\n(430) \n\n\nTotal shareholders' investment \n\n14,489 \n\n13,432 \n\n12,514 \n\n\nTotal liabilities and shareholders' investment \n\n$           58,531 \n\n$           55,356 \n\n$           56,229 \n\n\n\n\n\n\n\n\n\n\n\nCommon Stock Authorized 6,000,000,000 shares, $0.0833 par value; 459,244,995, 461,675,441, and 461,651,176 shares issued and outstanding as of November 2, 2024, February 3, 2024, and October 28, 2023, respectively. \n\n\n\n\n\nPreferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented. \n\n\n\n\n\n\n\n\nTARGET CORPORATION \n\n\n\n\n\nConsolidated Statements of Cash Flows \n\n\n\n\nNine Months Ended \n\n\n(millions) (unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nOperating activities \n\n\n\n\n\n\nNet earnings  \n\n$           2,988 \n\n$           2,756 \n\n\nAdjustments to reconcile net earnings to cash provided by operating activities: \n\n\n\n\n\n\nDepreciation and amortization \n\n2,215 \n\n2,072 \n\n\nShare-based compensation expense \n\n229 \n\n176 \n\n\nDeferred income taxes \n\n(58) \n\n252 \n\n\nNoncash (gains) / losses and other, net  \n\n(1) \n\n101 \n\n\nChanges in operating accounts: \n\n\n\n\n\n\nInventory \n\n(3,279) \n\n(1,232) \n\n\nOther assets \n\n(265) \n\n(208) \n\n\nAccounts payable \n\n2,362 \n\n887 \n\n\nAccrued and other liabilities \n\n(113) \n\n528 \n\n\nCash provided by operating activities \n\n4,078 \n\n5,332 \n\n\nInvesting activities \n\n\n\n\n\n\nExpenditures for property and equipment \n\n(1,968) \n\n(3,952) \n\n\nProceeds from disposal of property and equipment \n\n2 \n\n24 \n\n\nOther investments \n\n24 \n\n18 \n\n\nCash required for investing activities \n\n(1,942) \n\n(3,910) \n\n\nFinancing activities \n\n\n\n\n\n\nAdditions to long-term debt \n\n741 \n\n— \n\n\nReductions of long-term debt \n\n(1,112) \n\n(114) \n\n\nDividends paid \n\n(1,533) \n\n(1,503) \n\n\nRepurchase of stock \n\n(506) \n\n— \n\n\nShares withheld for taxes on share-based compensation \n\n(98) \n\n(124) \n\n\nCash required for financing activities \n\n(2,508) \n\n(1,741) \n\n\nNet decrease in cash and cash equivalents \n\n(372) \n\n(319) \n\n\nCash and cash equivalents at beginning of period \n\n3,805 \n\n2,229 \n\n\nCash and cash equivalents at end of period \n\n$           3,433 \n\n$           1,910 \n\n\n\n\n\n\n\n\nTARGET CORPORATION \n\n\n\n\n\nOperating Results \n\n\nRate Analysis \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nGross margin rate \n\n27.2 % \n\n27.4 % \n\n27.9 % \n\n26.9 % \n\n\nSG&A expense rate \n\n21.4 \n\n20.9 \n\n21.2 \n\n20.6 \n\n\nDepreciation and amortization expense rate (exclusive ofdepreciation included in cost of sales) \n\n2.5 \n\n2.4 \n\n2.5 \n\n2.4 \n\n\nOperating income margin rate \n\n4.6 \n\n5.2 \n\n5.4 \n\n5.1 \n\n\n\n\n\n\n\n\n\n\n\nNote: 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 $148 million and $433 million of profit-sharing income under our credit card program agreement for the three and nine months ended November 2, 2024, respectively, and $165 million and $508 million for the three and nine months ended October 28, 2023, respectively. \n\n\n\n\n\n\n\n\nComparable Sales \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nComparable sales change \n\n0.3 % \n\n(4.9) % \n\n(0.5) % \n\n(3.5) % \n\n\nDrivers of change in comparable sales \n\n\n\n\n\n\n\n\n\n\nNumber of transactions (traffic) \n\n2.4 \n\n(4.1) \n\n1.1 \n\n(2.7) \n\n\nAverage transaction amount \n\n(2.0) \n\n(0.8) \n\n(1.6) \n\n(0.8) \n\n\n\n\n\nComparable Sales by Channel \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nStores originated comparable sales change \n\n(1.9) % \n\n(4.6) % \n\n(2.0) % \n\n(2.8) % \n\n\nDigitally originated comparable sales change \n\n10.8 \n\n(6.0) \n\n6.9 \n\n(6.7) \n\n\n\n\n\nSales by Channel \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nStores originated \n\n81.5 % \n\n83.2 % \n\n81.8 % \n\n82.9 % \n\n\nDigitally originated \n\n18.5 \n\n16.8 \n\n18.2 \n\n17.1 \n\n\nTotal \n\n100 % \n\n100 % \n\n100 % \n\n100 % \n\n\n\n\n\nSales by Fulfillment Channel \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nStores  \n\n97.7 % \n\n97.7 % \n\n97.8 % \n\n97.5 % \n\n\nOther \n\n2.3 \n\n2.3 \n\n2.2 \n\n2.5 \n\n\nTotal \n\n100 % \n\n100 % \n\n100 % \n\n100 % \n\n\n\n\n\n\n\n\n\n\n\nNote: Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Shipt. \n\n\n\n\n\n\n\n\nTarget Circle Card Penetration \n\nThree Months Ended \n\nNine Months Ended \n\n\n(unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\n\nTotal Target Circle Card Penetration \n\n17.7 % \n\n18.3 % \n\n17.8 % \n\n18.6 % \n\n\n\n\n\n\n\n\nNumber of Stores and Retail Square Feet \n\nNumber of Stores \n\nRetail Square Feet (a) \n\n\n(unaudited) \n\nNovember 2,2024 \n\nFebruary 3,2024 \n\nOctober 28,2023 \n\nNovember 2,2024 \n\nFebruary 3,2024 \n\nOctober 28,2023 \n\n\n170,000 or more sq. ft. \n\n273 \n\n273 \n\n273 \n\n48,824 \n\n48,824 \n\n48,824 \n\n\n50,000 to 169,999 sq. ft. \n\n1,559 \n\n1,542 \n\n1,542 \n\n195,050 \n\n192,908 \n\n192,877 \n\n\n49,999 or less sq. ft. \n\n146 \n\n141 \n\n141 \n\n4,404 \n\n4,207 \n\n4,207 \n\n\nTotal \n\n1,978 \n\n1,956 \n\n1,956 \n\n248,278 \n\n245,939 \n\n245,908 \n\n\n\n\n\n\n\n\n\n\n\n\n(a)   \nIn thousands; reflects total square feet less office, supply chain facilities, and vacant space. \n\n\n\n\nTARGET CORPORATION\nReconciliation of Non-GAAP Financial Measures\nTo provide additional transparency, we disclose non-GAAP adjusted diluted earnings per share (Adjusted EPS). When applicable, this metric excludes certain discretely managed items. However, there are no adjustments in any period presented. We believe this information is useful in providing period-to-period comparisons of the results of our operations. This measure is not in accordance with, or an alternative to, U.S. GAAP. The most comparable GAAP measure is diluted earnings per share. 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.\n\n\n\n\nReconciliation of Non-GAAP Adjusted EPS \n\nThree Months Ended \n\n\n\nNine Months Ended \n\n\n\n\n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\n\nGAAP and adjusted diluted earnings per share \n\n$           1.85 \n\n$           2.10 \n\n(11.9) % \n\n$           6.45 \n\n$           5.96 \n\n8.3 % \n\n\n\n\n\n\n\n\nReconciliation of Non-GAAP Adjusted EPS Guidance \nGuidance \n\n\n(per share) (unaudited) \nQ4 2024 \n\nFull Year 2024 \n\n\nGAAP diluted earnings per share guidance \n$1.85 - $2.45 \n\n$8.30 - $8.90 \n\n\nEstimated adjustments \n\n\n\n\n\n Other (a) \n$               — \n\n$                — \n\n\nAdjusted diluted earnings per share guidance \n$1.85 - $2.45 \n\n$8.30 - $8.90 \n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nFourth quarter and full-year 2024 GAAP EPS may include the impact of certain discrete items, which will be excluded in calculating Adjusted EPS. The guidance does not currently reflect any such discrete items. In the past, these items have included losses on the early retirement of debt and certain other items that are discretely managed. \n\n\n\n\nEarnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.\n\n\n\n\nEBIT and EBITDA \n\nThree Months Ended \n\n\n\nNine Months Ended \n\n\n\n\n(dollars in millions) (unaudited) \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nChange \n\n\nNet earnings  \n\n$            854 \n\n$            971 \n\n(12.1) % \n\n$         2,988 \n\n$         2,756 \n\n8.4 % \n\n\n + Provision for income taxes \n\n237 \n\n264 \n\n(9.9) \n\n867 \n\n755 \n\n14.9 \n\n\n + Net interest expense \n\n105 \n\n107 \n\n(1.5) \n\n321 \n\n395 \n\n(18.7) \n\n\nEBIT \n\n$         1,196 \n\n$         1,342 \n\n(10.8) % \n\n$         4,176 \n\n$         3,906 \n\n6.9 % \n\n\n + Total depreciation and amortization (a) \n\n754 \n\n722 \n\n4.2 \n\n2,215 \n\n2,072 \n\n6.8 \n\n\nEBITDA \n\n$         1,950 \n\n$         2,064 \n\n(5.5) % \n\n$         6,391 \n\n$         5,978 \n\n6.9 % \n\n\n\n\n\n\n\n\n\n\n\n\n(a)  \nRepresents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales. \n\n\n\n\nWe have also disclosed after-tax 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.\n\n\n\n\nAfter-Tax Return on Invested Capital  \n\n\n\n\n(dollars in millions) (unaudited) \n\n\n\n\n\n\n\n\nTrailing Twelve Months \n\n\n\n\nNumerator \n\nNovember 2, 2024 (a) \n\nOctober 28, 2023 \n\n\n\n\nOperating income \n\n$         5,964 \n\n$           5,001 \n\n\n\n\n + Net other income \n\n105 \n\n79 \n\n\n\n\nEBIT \n\n6,069 \n\n5,080 \n\n\n\n\n + Operating lease interest (b) \n\n157 \n\n106 \n\n\n\n\n  - Income taxes (c) \n\n1,403 \n\n1,050 \n\n\n\n\nNet operating profit after taxes \n\n$         4,823 \n\n$           4,136 \n\n\n\n\n\n\n\n\n\n\nDenominator \n\nNovember 2, 2024 \n\nOctober 28, 2023 \n\nOctober 29, 2022 \n\n\nCurrent portion of long-term debt and other borrowings \n\n$         1,635 \n\n$           1,112 \n\n$         2,207 \n\n\n + Noncurrent portion of long-term debt \n\n14,346 \n\n14,883 \n\n14,237 \n\n\n + Shareholders' investment \n\n14,489 \n\n12,514 \n\n11,019 \n\n\n + Operating lease liabilities (d) \n\n3,765 \n\n3,351 \n\n2,879 \n\n\n  - Cash and cash equivalents \n\n3,433 \n\n1,910 \n\n954 \n\n\nInvested capital \n\n$       30,802 \n\n$         29,950 \n\n$       29,388 \n\n\nAverage invested capital (e) \n\n$       30,376 \n\n$         29,670 \n\n\n\n\n\n\n\nAfter-tax return on invested capital \n\n15.9 % \n\n13.9 % \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) \nThe trailing twelve months ended November 2, 2024, consisted of 53 weeks compared with 52 weeks in the prior-year period. \n\n\n(b) \nRepresents 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 Operating Income. 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. \n\n\n(c) \nCalculated using the effective tax rates, which were 22.5 percent and 20.3 percent for the trailing twelve months ended November 2, 2024, and October 28, 2023, respectively. For the twelve months ended November 2, 2024, and October 28, 2023, includes tax effect of $1.4 billion and $1.0 billion, respectively, related to EBIT, and $35 million and $22 million, respectively, related to operating lease interest. \n\n\n(d) \nTotal short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively. \n\n\n(e) \nAverage based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period. \n\n\n\n\n\n\n\n\n\n View original content to download multimedia:https://www.prnewswire.com/news-releases/target-corporation-reports-third-quarter-earnings-302310629.html\nSOURCE Target Corporation","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484118058"}