Target (TGT) FY2017 results: revenue $72.7 billion, up 3.5% on the year
Target Corp. (TGT) reported revenue of $72.7 billion for fiscal 2017, the year ended 3 February 2018, up 3.5% on the year before. Net income was $2.9 billion, up 6.5%, and diluted earnings per share $5.29. The figures are the company's own, from the 10-K it filed with the SEC on 13 March 2019.
Revenue
$72.7 billion
+3.5% on the year
FY2010FY2017
Operating margin
5.8%
6.9% a year earlier
FY2010FY2017
Net income
$2.9 billion
+6.5% on the year
FY2010FY2017
Diluted EPS
$5.29
+12.6% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
72,714
70,271
73,785
+3.5%
Cost of revenue
51,125
49,145
52,241
+4.0%
Gross profit
20,754
20,350
21,544
+2.0%
Gross margin
28.5%
29.0%
29.2%
Selling, general and administrative
15,140
14,217
14,665
+6.5%
Operating income
4,224
4,864
n/a
-13.2%
Operating margin
5.8%
6.9%
n/a
Interest expense
653
991
607
-34.1%
Pre-tax income
3,630
3,965
4,923
-8.4%
Income tax
722
1,296
1,602
-44.3%
Effective tax rate
19.9%
32.7%
32.5%
Net income
2,914
2,737
3,363
+6.5%
Net margin
4.0%
3.9%
4.6%
Diluted EPS
$5.29
$4.70
$5.31
+12.6%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
6,923
5,436
5,958
+27.4%
Capital expenditure
2,533
1,547
1,438
+63.7%
Free cash flow
4,390
3,889
4,520
+12.9%
Free cash flow margin
6.0%
5.5%
6.1%
Cash from investing
-3,075
-1,473
508
Cash from financing
-3,729
-5,497
-4,630
Depreciation and amortisation
2,476
2,318
2,213
+6.8%
Share-based compensation
112
113
115
-0.9%
Buybacks
1,046
3,706
3,483
-71.8%
Dividends paid
1,338
1,348
1,362
-0.7%
Dividend per share
$2.46
$2.36
$2.20
+4.2%
Diluted shares, weighted
550m
582m
633m
-5.5%
Shares outstanding at period end
542m
556m
602m
-2.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,651
10,915
12,957
+6.7%
Debt
10,440
11,715
11,859
-10.9%
Operating lease liabilities
1,924
n/a
n/a
Finance lease liabilities
885
n/a
n/a
Other liabilities
15,403
14,801
15,446
+4.1%
Total liabilities and equity
40,303
37,431
40,262
+7.7%
Fixed assets
24,536
24,658
25,217
-0.5%
Goodwill
630
133
133
+373.7%
Intangible assets
79.0
126
145
-37.3%
Investments
1,906
1,110
3,008
+71.7%
Cash and equivalents
2,643
2,512
4,046
+5.2%
Inventory
8,597
8,309
8,601
+3.5%
Other assets
1,912
583
n/a
+228.0%
Total assets
40,303
37,431
40,262
+7.7%
10-K for the year ended 3 February 2018, filed 13 March 2019: the filing.