Target (TGT) FY2011 results: revenue $69.9 billion, up 3.7% on the year
Target Corp. (TGT) reported revenue of $69.9 billion for fiscal 2011, the year ended 28 January 2012, up 3.7% on the year before. Net income was $2.9 billion, up 0.3%, and diluted earnings per share $4.28. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2012.
Revenue
$69.9 billion
+3.7% on the year
FY2007FY2011
Operating margin
7.5%
7.7% a year earlier
FY2007FY2011
Net income
$2.9 billion
+0.3% on the year
FY2007FY2011
Diluted EPS
$4.28
+7.0% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
69,865
67,390
65,357
+3.7%
Cost of revenue
47,860
45,725
44,062
+4.7%
Gross profit
22,005
21,665
21,295
+1.6%
Gross margin
31.5%
32.1%
32.6%
Selling, general and administrative
14,106
13,469
13,078
+4.7%
Operating income
5,250
5,169
4,576
+1.6%
Operating margin
7.5%
7.7%
7.0%
Interest expense
866
757
801
+14.4%
Pre-tax income
4,456
4,495
3,872
-0.9%
Income tax
1,527
1,575
1,384
-3.0%
Effective tax rate
34.3%
35.0%
35.7%
Net income
2,929
2,920
2,488
+0.3%
Net margin
4.2%
4.3%
3.8%
Diluted EPS
$4.28
$4.00
$3.30
+7.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
5,434
5,271
5,881
+3.1%
Capital expenditure
4,368
2,129
1,729
+105.2%
Free cash flow
1,066
3,142
4,152
-66.1%
Free cash flow margin
1.5%
4.7%
6.4%
Cash from investing
n/a
-1,744
-1,703
Cash from financing
n/a
-4,015
-2,842
Depreciation and amortisation
2,131
2,084
2,023
+2.3%
Share-based compensation
90.0
109
103
-17.4%
Buybacks
1,842
2,452
423
-24.9%
Dividends paid
750
609
496
+23.2%
Dividend per share
$1.15
$0.92
$0.67
+25.0%
Diluted shares, weighted
684m
729m
755m
-6.2%
Shares outstanding at period end
669m
704m
745m
-4.9%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
15,821
15,487
15,347
+2.2%
Debt
17,483
15,726
10,643
+11.2%
Other liabilities
13,326
12,492
18,543
+6.7%
Total liabilities and equity
46,630
43,705
44,533
+6.7%
Fixed assets
29,149
25,493
25,280
+14.3%
Goodwill
59.0
59.0
59.0
0.0%
Intangible assets
183
164
180
+11.6%
Investments
194
1,129
1,617
-82.8%
Inventory
7,918
7,596
7,179
+4.2%
Other assets
9,127
9,264
10,218
-1.5%
Total assets
46,630
43,705
44,533
+6.7%
10-K for the year ended 28 January 2012, filed 15 March 2012: the filing.