For more on the Target Foundation, click here. It reached a 52-week high of $154.69, bringing up the company's market cap to about $77 billion. Common Stock  Authorized 6,000,000,000 shares, $0.0833 par value; 500,252,831, 504,198,962 and 511,335,375 shares issued and outstanding as of August 1, 2020, February 1, 2020, and August 3, 2019, respectively. Target Corporation reported second quarter 2020 earnings results today. Target on Wednesday reported quarterly earnings that blew past Wall Street's expectations for the retailer. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies. The Company saw unusually strong market-share gains across all five of its core merchandise categories. + Total depreciation and amortization (a). Same-day services (Order Pick Up, Drive Up and Shipt) grew 273 percent and accounted for approximately 6 percentage points of total Company comparable sales growth. The replay number is 1-800-391-9846. A Division of NBCUniversal. Adjusted EPS rose nearly 86% to $3.38. or For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter. Find the latest Earnings Report Date for Target Corporation Common Stock (TGT) at Nasdaq.com. Reconciliation of Non-GAAP Financial Measures. ServiceNow said it has achieved $4 billion subscription revenues annual run rate. Trulieve Crushed Wall Street’s Expectations After Posting Q2 2020 Revenue and Adjusted EBITDA of $120.8 Million and $60.5 Million, Respectively In Addition to Trulieve’s Stellar Second Quarter Earnings, the Company Also Raised its Fiscal 2020 Revenue Guidance From $380 Million – $400 Million to $465 Million – $485 Million I … Target will open 27 new stores as Q2 sales soar Big-box retailer reports spike in net income and revenue, thanks to digital shopping . For example, he said, families have delayed back-to-school shopping as many still wait to hear if their children will return to the classroom or attend school from home. Target Corp. Q2 adjusted earnings Beat Estimates MINNEAPOLIS (dpa-AFX) - Target Corp. (TGT) announced earnings for its second quarter that rose from last year. Second quarter Adjusted EPS of $3.38 grew 85.7 percent compared with $1.82 in 2019. Such statements are subject to risks and uncertainties which could cause the Company's actual results to differ materially. Mendota Heights, MN 55120-4100 (800) 794-9871, shareowneronline.com Opens in a new window. Target (TGT) Q2 2020 earnings. He said that relationship with customers has "been one of the big drivers behind our success.". Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. Welcome to the Target Corporation second-quarter earnings release conference call. Still, he said, it's been able to keep up the momentum in early August with same-store sales, including digital sales, in the low double digits. Target sales fulfilled by its online delivery service Shipt grew more than 350% year over year. Statements in this release regarding the Company's future financial performance and future effects of COVID-19 on the Company's business are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The retailer reported its strongest sales in electronics, which was up by more than 70% overa year earlier as customers bought home office items and video games. For the twelve months ended August 1, 2020, and August 3, 2019, includes tax effect of $1,057 million and $919 million, respectively, related to EBIT and $19 million and $18 million, respectively, related to operating lease interest. The increase to ROIC was driven primarily by increased profitability combined with a small decrease in capital base. In the first half of the year, the Company has gained approximately $5 billion in market share. Second quarter operating income margin rate was 10.0 percent in 2020 compared with 7.2 percent in 2019, driven primarily by strong expense leverage on robust topline performance. Use the customizable earnings calendar to learn when a public company will announce their quarterly or annual earnings. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). Be sure to include your name, address, daytime phone number, email address and a reference to Target on all of your correspondence. Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 1,900 stores and at Target.com. Target Q2 2020 Financial Highlights. As of the end of the second quarter, the Company had approximately $4.5 billion of remaining capacity under the repurchase program approved by Target's Board of Directors in September 2019. Target's earnings topped Wall Street's estimates, as its sales got a lift from a strong holiday season and store traffic picked up in January.. Shares closed down 6.77% to $173.49 on Tuesday. Investors and the media are invited to listen to the meeting at Investors.Target.com (click "investors" then click on "events & presentations"). Target on Wednesday blew past every forecast on Wall Street for its fiscal second quarter as it attracted millions of new customers online, setting a record for same-store sales that drove profits up by an eye-popping 80.3% to $1.7 billion. The company benefited from its designation as an essential retailer during U.S. lockdowns that forced some competitors to close. Target had record sales growth in Q2, driven by 200% growth online and 10.9% in-store. Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period. P.O. Second quarter comparable sales grew 24.3 percent, the strongest the Company has ever reported. For the latest store count or for more information, visit Target.com/Pressroom. Stores fulfilled more than 90 percent of Target's second quarter sales. This increase reflected sales strength across our entire multi-category assortment and lower discounts driven by high sell through rates. Comparable sales grew 24.3%. Seagate tops Q2 earnings, revenue targets. Cornell said he just saw numbers estimating that 66% of U.S. students are starting out the school year remotely. Other revenue includes $158 million and $324 million of profit-sharing income under our credit card program agreement for the three and six months ended August 1, 2020, respectively, and $168 million and $328 million for the three and six months ended August 3, 2019, respectively. Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. After excluding items, Target earned $3.38 per share, more than double the $1.63 expected by analysts surveyed by Refinitiv. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors. All other rates are calculated by dividing the applicable amount by total revenue. Second quarter gross margin rate was 30.9 percent, compared with 30.6 percent in 2019. Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings from continuing operations before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. Target's private label grocery brand, Good & Gather, hit $1 billion in sales after launching in September. "Throughout the year and over the last few years, we've built tremendous trust with the guest," he said on the call. Target on Wednesday blew past every forecast on Wall Street for its fiscal second quarter as it attracted millions of new customers online, setting a record for same-store sales that drove profits up by an eye-popping 80.3% to $1.7 billion. In thousands, reflects total square feet less office, distribution center, and vacant space. Same-store sales climbed by 10.9% while the company's digital sales nearly tripled from a year earlier. August 19, 2020 August 19, 2020. Afterwards we will invite you to participate in a question-and-answer session. ", Target Corporation In the six months preceding August 1, 2020, digital accounted for 16.3% of Target’s sales. The Company's second quarter 2020 net interest expense was $122 million, compared with $120 million last year. Welcome to the Target Corporation, Second Quarter Earnings Release Conference Call. See the tables of this release for additional information about the items that have been excluded from Adjusted EPS. The business earned $28 billion during the quarter, compared to the consensus estimate of … Operating income was $2.3 billion in second quarter 2020, up 73.8 percent from $1.3 billion in 2019. Target Corporation (NYSE: TGT) today announced its second quarter 2020 results, which reflect the continuation of heightened sales volume and significant investments in response to the COVID-19 pandemic. Target (NYSE: TGT) earnings for the second quarter of fiscal year 2020 have TGT stock climbing on Wednesday. In Q2, ViacomCBS raised $4.5B of capital and used the proceeds to redeem $2.8B of near-term maturities, including a $340M redemption that settled on July 10, 2020. Second quarter GAAP EPS from continuing operations of $3.35 was 84.4 percent higher than last year, and Adjusted EPS1 of $3.38 was 85.7 percent higher than last year, as strong operating performance offset unprecedented investments in team member pay & benefits. The retailer’s second-quarter net income soared by more than 80.3% to $1.7 billion, or $3.35 per share, $938 million, or $1.82 per share, a year earlier. A replay of the webcast will be provided when available. The company's online offerings were especially popular. [Operator Instructions]. Second quarter SG&A expense rate was 19.4 percent in 2020, compared with 21.2 percent in 2019, reflecting higher compensation costs, including investments in wages and benefits, which were more than offset by the net impact of other factors, most prominently the leverage from strong sales growth. Calculated using the effective tax rates for continuing operations, which were 21.4 percent and 20.7 percent for the trailing twelve months ended August 1, 2020, and August 3, 2019, respectively. Operating income was $2.3 billion in second quarter 2020, up 73.8 percent from $1.3 billion in 2019. All earnings per share figures refer to diluted EPS. St. Paul, MN 55164-0874 Digital comparable sales grew 195 percent, accounting for 13.4 percentage points of Target's comparable sales growth. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Target’s Pre-Earnings Jump is a Chance to Collect Like WMT, TGT has been performing better than expected By Ken Trester , Editor, Power Options Weekly May 19, 2020, 9:35 am EDT May 19, 2020 TGT Earnings: All you need to know about Target Corp. Q2 2020 earnings results. E-commerce services saw dramatic growth, with Target's curbside pickup service jumping by more than 700%. Second quarter operating income margin rate was 10.0 percent in 2020 compared with 7.2 percent in 2019, driven primarily by strong expense leverage on robust topline performance. To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). Target Q2 2020 Earnings Preview Aug. 20, 2019 5:30 PM ET Target Corporation (TGT) By: Niloofer Shaikh , SA News Editor Target (NYSE: TGT ) is scheduled to announce Q2 earnings results on … Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies. Note: Amounts may not foot due to rounding. Other revenue includes, Calculated using the effective tax rates for continuing operations, which were 21.4 percent and 20.7 percent for the trailing twelve months ended, A Bullseye View. On March 25, 2020, the Company announced that it had suspended share repurchase activity as a result of the high level of uncertainty in the current environment. Consolidated Statements of Financial Position, Current portion of long-term debt and other borrowings, Total liabilities and shareholders' investment. Note:  Per share amounts may not foot due to rounding. We also generated outstanding profitability in the quarter, even as we made significant investments in pay and benefits for our team," said Brian Cornell, chairman and chief executive officer of Target Corporation. Total revenue of $23.0 billion grew 24.7 percent compared with last year, reflecting sales growth of 24.8 percent and a 16.6 percent increase in other revenue. "So we've got to be flexible, we've got to be adaptable.". "Sitting here today, I don't know if 30 days from now that number is going to be 6% or 96%," he said. View original content to download multimedia:http://www.prnewswire.com/news-releases/target-corporation-reports-second-quarter-earnings-301114521.html, John Hulbert, Investors, (612) 761-6627; Erin Conroy, Media, (612) 761-5928, Target Media Hotline, (612) 696-3400, To sign up for new email alerts, or to change your request, enter your email address below and click "go. Includes store damage and inventory losses related to civil unrest. The Company reported GAAP earnings per share (EPS) from continuing operations of $3.35 in the second quarter, an increase of 84.4 percent from $1.82 in 2019. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. 08/19/20 at 8:00 AM EDT. "Our second quarter comparable sales growth of 24.3 percent is the strongest we have ever reported, which is a true testament to the resilience of our team and the durability of our business model. Here's how the company did in the second quarter versus what analysts forecast, based on average estimates compiled by Refinitiv: CEO Brian Cornell said on a call with reporters that the retailer's mix of merchandise and online options resonated with customers who sought out safe and convenient ways to shop in the midst of the pandemic. The firm reported its strongest quarterly sales growth in history. The retailer's second-quarter net income soared by more than 80.3% to $1.7 billion, or $3.35 per share, $938 million, or $1.82 per share, a year earlier. During the second quarter, Target's shopping traffic picked up, customers filled up their baskets with more items, and even beauty and apparel sales were strong. All Rights Reserved. Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales. 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