Target (TGT) FY2013 results: revenue $71.3 billion, down 2.8% on the year
Target Corp. (TGT) reported revenue of $71.3 billion for fiscal 2013, the year ended 1 February 2014, down 2.8% on the year before. Net income was $2.0 billion, down 34.3%, and diluted earnings per share $3.07. The figures are the company's own, from the 10-K it filed with the SEC on 14 March 2014.
Revenue
$71.3 billion
-2.8% on the year
FY2007FY2013
Operating margin
n/a
7.1% a year earlier
FY2007FY2013
Net income
$2.0 billion
-34.3% on the year
FY2007FY2013
Diluted EPS
$3.07
-32.1% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
71,279
73,301
69,865
-2.8%
Cost of revenue
50,039
50,568
47,860
-1.0%
Gross profit
21,240
22,733
22,005
-6.6%
Gross margin
29.8%
31.0%
31.5%
Selling, general and administrative
14,465
14,643
14,106
-1.2%
Operating income
n/a
5,206
5,250
Operating margin
n/a
7.1%
7.5%
Interest expense
1,049
684
866
+53.4%
Pre-tax income
4,121
5,056
4,456
-18.5%
Income tax
1,427
1,741
1,527
-18.0%
Effective tax rate
34.6%
34.4%
34.3%
Net income
1,971
2,999
2,929
-34.3%
Net margin
2.8%
4.1%
4.2%
Diluted EPS
$3.07
$4.52
$4.28
-32.1%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
6,520
5,325
5,434
+22.4%
Capital expenditure
1,886
2,346
4,368
-19.6%
Free cash flow
4,634
2,979
1,066
+55.6%
Free cash flow margin
6.5%
4.1%
1.5%
Cash from investing
-271
-2,855
n/a
Cash from financing
-6,364
-2,488
n/a
Depreciation and amortisation
1,996
2,044
2,131
-2.3%
Share-based compensation
106
102
90.0
+3.9%
Buybacks
1,461
1,875
1,842
-22.1%
Dividends paid
1,006
869
750
+15.8%
Dividend per share
$1.65
$1.38
$1.15
+19.6%
Diluted shares, weighted
642m
663m
684m
-3.2%
Shares outstanding at period end
633m
645m
669m
-1.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
16,231
16,558
15,821
-2.0%
Debt
11,678
17,648
17,483
-33.8%
Other liabilities
16,644
13,957
13,326
+19.3%
Total liabilities and equity
44,553
48,163
46,630
-7.5%
Fixed assets
26,412
30,653
29,149
-13.8%
Goodwill
151
59.0
59.0
+155.9%
Intangible assets
173
165
183
+4.8%
Investments
3.0
130
194
-97.7%
Inventory
8,278
7,903
7,918
+4.7%
Other assets
9,536
9,253
9,127
+3.1%
Total assets
44,553
48,163
46,630
-7.5%
10-K for the year ended 1 February 2014, filed 14 March 2014: the filing.