Target (TGT) FY2012 results: revenue $73.3 billion, up 4.9% on the year
Target Corp. (TGT) reported revenue of $73.3 billion for fiscal 2012, the year ended 2 February 2013, up 4.9% on the year before. Net income was $3.0 billion, up 2.4%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 20 March 2013.
Revenue
$73.3 billion
+4.9% on the year
FY2007FY2012
Operating margin
7.1%
7.5% a year earlier
FY2007FY2012
Net income
$3.0 billion
+2.4% on the year
FY2007FY2012
Diluted EPS
$4.52
+5.6% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
73,301
69,865
67,390
+4.9%
Cost of revenue
50,568
47,860
45,725
+5.7%
Gross profit
22,733
22,005
21,665
+3.3%
Gross margin
31.0%
31.5%
32.1%
Selling, general and administrative
14,643
14,106
13,469
+3.8%
Operating income
5,206
5,250
5,169
-0.8%
Operating margin
7.1%
7.5%
7.7%
Interest expense
684
866
757
-21.0%
Pre-tax income
5,056
4,456
4,495
+13.5%
Income tax
1,741
1,527
1,575
+14.0%
Effective tax rate
34.4%
34.3%
35.0%
Net income
2,999
2,929
2,920
+2.4%
Net margin
4.1%
4.2%
4.3%
Diluted EPS
$4.52
$4.28
$4.00
+5.6%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
5,325
5,434
5,271
-2.0%
Capital expenditure
2,346
4,368
2,129
-46.3%
Free cash flow
2,979
1,066
3,142
+179.5%
Free cash flow margin
4.1%
1.5%
4.7%
Cash from investing
-2,855
n/a
-1,744
Cash from financing
-2,488
n/a
-4,015
Depreciation and amortisation
2,044
2,131
2,084
-4.1%
Share-based compensation
102
90.0
109
+13.3%
Buybacks
1,875
1,842
2,452
+1.8%
Dividends paid
869
750
609
+15.9%
Dividend per share
$1.38
$1.15
$0.92
+20.0%
Diluted shares, weighted
663m
684m
729m
-3.0%
Shares outstanding at period end
645m
669m
704m
-3.6%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
16,558
15,821
15,487
+4.7%
Debt
17,648
17,483
15,726
+0.9%
Other liabilities
13,957
13,326
12,492
+4.7%
Total liabilities and equity
48,163
46,630
43,705
+3.3%
Fixed assets
30,653
29,149
25,493
+5.2%
Goodwill
59.0
59.0
59.0
0.0%
Intangible assets
165
183
164
-9.8%
Investments
130
194
1,129
-33.0%
Inventory
7,903
7,918
7,596
-0.2%
Other assets
9,253
9,127
9,264
+1.4%
Total assets
48,163
46,630
43,705
+3.3%
10-K for the year ended 2 February 2013, filed 20 March 2013: the filing.