Target (TGT) FY2014 results: revenue $72.6 billion, up 1.9% on the year
Target Corp. (TGT) reported revenue of $72.6 billion for fiscal 2014, the year ended 31 January 2015, up 1.9% on the year before. Net income was -$1.6 billion, and diluted earnings per share $-2.56. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2015.
Revenue
$72.6 billion
+1.9% on the year
FY2007FY2014
Operating margin
n/a
FY2007FY2014
Net income
-$1.6 billion
FY2007FY2014
Diluted EPS
-$2.56
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
72,618
71,279
73,301
+1.9%
Cost of revenue
51,278
50,039
50,568
+2.5%
Gross profit
21,340
21,240
22,733
+0.5%
Gross margin
29.4%
29.8%
31.0%
Selling, general and administrative
14,676
14,465
14,643
+1.5%
Operating income
n/a
n/a
5,206
Operating margin
n/a
n/a
7.1%
Interest expense
882
1,049
684
-15.9%
Pre-tax income
3,653
4,121
5,056
-11.4%
Income tax
1,204
1,427
1,741
-15.6%
Effective tax rate
33.0%
34.6%
34.4%
Net income
-1,636
1,971
2,999
Net margin
-2.3%
2.8%
4.1%
Diluted EPS
-$2.56
$3.07
$4.52
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
4,465
6,520
5,325
-31.5%
Capital expenditure
1,786
1,886
2,346
-5.3%
Free cash flow
2,679
4,634
2,979
-42.2%
Free cash flow margin
3.7%
6.5%
4.1%
Cash from investing
-1,926
-271
-2,855
Cash from financing
-1,024
-6,364
-2,488
Depreciation and amortisation
2,129
1,996
2,044
+6.7%
Share-based compensation
71.0
106
102
-33.0%
Buybacks
26.0
1,461
1,875
-98.2%
Dividends paid
1,205
1,006
869
+19.8%
Dividend per share
$1.99
$1.65
$1.38
+20.6%
Diluted shares, weighted
640m
642m
663m
-0.3%
Shares outstanding at period end
640m
633m
645m
+1.2%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
13,997
16,231
16,558
-13.8%
Debt
11,946
11,678
17,648
+2.3%
Other liabilities
15,229
16,644
13,957
-8.5%
Total liabilities and equity
41,172
44,553
48,163
-7.6%
Fixed assets
25,958
26,412
30,653
-1.7%
Goodwill
147
151
59.0
-2.6%
Intangible assets
155
173
165
-10.4%
Investments
1,520
3.0
130
+50,566.7%
Inventory
8,282
8,278
7,903
+0.0%
Other assets
5,110
9,536
9,253
-46.4%
Total assets
41,172
44,553
48,163
-7.6%
10-K for the year ended 31 January 2015, filed 13 March 2015: the filing.