Target (TGT) FY2016 results: revenue $70.3 billion, down 4.8% on the year
Target Corp. (TGT) reported revenue of $70.3 billion for fiscal 2016, the year ended 28 January 2017, down 4.8% on the year before. Net income was $2.7 billion, down 18.6%, and diluted earnings per share $4.70. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2019.
Revenue
$70.3 billion
-4.8% on the year
FY2009FY2016
Operating margin
6.9%
FY2009FY2016
Net income
$2.7 billion
-18.6% on the year
FY2009FY2016
Diluted EPS
$4.70
-11.5% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
70,271
73,785
72,618
-4.8%
Cost of revenue
49,145
52,241
51,278
-5.9%
Gross profit
20,350
21,544
21,340
-5.5%
Gross margin
29.0%
29.2%
29.4%
Selling, general and administrative
14,217
14,665
14,676
-3.1%
Operating income
4,864
n/a
n/a
Operating margin
6.9%
n/a
n/a
Interest expense
991
607
882
+63.3%
Pre-tax income
3,965
4,923
3,653
-19.5%
Income tax
1,296
1,602
1,204
-19.1%
Effective tax rate
32.7%
32.5%
33.0%
Net income
2,737
3,363
-1,636
-18.6%
Net margin
3.9%
4.6%
-2.3%
Diluted EPS
$4.70
$5.31
-$2.56
-11.5%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
5,436
5,958
4,465
-8.8%
Capital expenditure
1,547
1,438
1,786
+7.6%
Free cash flow
3,889
4,520
2,679
-14.0%
Free cash flow margin
5.5%
6.1%
3.7%
Cash from investing
-1,473
508
-1,926
Cash from financing
-5,497
-4,630
-1,024
Depreciation and amortisation
2,318
2,213
2,129
+4.7%
Share-based compensation
113
115
71.0
-1.7%
Buybacks
3,706
3,483
26.0
+6.4%
Dividends paid
1,348
1,362
1,205
-1.0%
Dividend per share
$2.36
$2.20
$1.99
+7.3%
Diluted shares, weighted
582m
633m
640m
-8.0%
Shares outstanding at period end
556m
602m
640m
-7.6%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
10,915
12,957
13,997
-15.8%
Debt
11,715
11,859
11,946
-1.2%
Other liabilities
14,801
15,446
15,229
-4.2%
Total liabilities and equity
37,431
40,262
41,172
-7.0%
Fixed assets
24,658
25,217
25,958
-2.2%
Goodwill
133
133
147
0.0%
Intangible assets
126
145
155
-13.1%
Investments
1,110
3,008
1,520
-63.1%
Cash and equivalents
2,512
4,046
n/a
-37.9%
Inventory
8,309
8,601
8,282
-3.4%
Other assets
583
n/a
5,110
Total assets
37,431
40,262
41,172
-7.0%
10-K for the year ended 28 January 2017, filed 13 March 2019: the filing.