Target Reports on Q3 of FY 2021

11/18/2021

In a press release dated November 17th Target Corporation (TGT) announced results for the 3rd Quarter ending October 30th.

 

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)


Brian Cornell CEO

3rd Quarter Ending

Oct. 30th 2021

Oct. 31st 2020

Difference (%)

Sales:

$25,652,000

$22,632,000

+13.3

Gross profit:

$7,446,000

$7,123,000

+4.5

Operating income:

$2,010,000

$1,935,000

+3.9

Pre-tax Income

Net Income

$1,911,000

$1,488,000

$1,298,000

$1,104,000

+47.2

+46.7

Diluted earnings per share:

$3.04

$2.01

+51.2

Gross Margin (%)

29.0

31.5

-7.9

Operating Margin (%)

7.8

8.5

-8.2

Profit Margin (%)

5.8

4.5

+28.9

Long-term Debt and leases:

$16,011,000

$16,814,000

-4.8

12 Months Trailing:

Return on Assets (%)

10.4

Return on Equity (%)

50.0

Operating Margin (%)

8.5

Profit Margin (%)

6.6

Total Assets

$54,411,000

$50,661,000

+7.4

Intraday Market Capitalization

$13,860,000

 

52-Week Range in Share Price: $166.83 to $268.99 with 50-day Moving average $246.55

Market Close: Wednesday $267.24. Close Thursday post-release $ 252.05 (-0.7 percent)

Forward P/E 19.8 Beta 1.0

Same store comps. +9.7 percent

Digital increase +29 percent

Same day delivery/pickup +60 percent


In commenting on Q3 results Brian Cornell, Chairman and CEO stated, “The consistently strong growth we're seeing in our business, quarter after quarter, is a testament to the passion and commitment our team brings to serving our guests, and the trust we've built with them as a result". He added "Following comp. growth of nearly 21 percent a year ago, our third quarter comp increase of 12.7 percent was driven entirely by traffic, and reflects continued strength in our store sales, same-day digital fulfillment services and double-digit growth in all five of our core merchandising categories. With a strong inventory position heading into the peak of the holiday season, our team and our business are ready to serve our guests and poised to deliver continued, strong growth, through the holiday season and beyond."

 

Target provided guidance for a Q4 increase in comparative sales of “between high single digits to low double digits.” Operating margin for FY 2021 would be 8 percent.






















































































































































































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