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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 16, 2023

Target Corporation
(Exact name of registrant as specified in its charter)
Minnesota 1-6049 41-0215170
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
1000 Nicollet Mall,Minneapolis,Minnesota55403
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (612)304-6073

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.0833 per shareTGTNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o 




Item 2.02             Results of Operations and Financial Condition.
 
On August 16, 2023, Target Corporation issued a News Release containing its financial results for the three months ended July 29, 2023. The News Release is attached hereto as Exhibit 99.

Item 9.01             Financial Statements and Exhibits.
 
(d)                                 Exhibits.
99
104Cover Page Interactive Data File (formatted as inline XBRL).



2


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 TARGET CORPORATION
  
Date: August 16, 2023By:/s/ Michael J. Fiddelke
 Michael J. Fiddelke
 Executive Vice President and Chief Financial Officer

3

Exhibit 99
releasebullseyeq419.gif

FOR IMMEDIATE RELEASE
Contacts:John Hulbert, Investors, (612) 761-6627
 
Jennifer Kron, Media, (612) 696-3400

Target Corporation Reports Second Quarter Earnings

The Company's second quarter operating income margin rate of 4.8 percent was more than 3 percentage points higher than last year, driven by a higher gross margin rate.
Second quarter GAAP and Adjusted EPS1 of $1.80 was more than 4 times higher than a year ago and above the high end of the Company's guidance range, reflecting a meaningful profit recovery from last year’s inventory actions.
Second quarter comparable sales declined 5.4 percent.
Continued growth in frequency businesses (Essentials & Beauty and Food & Beverage) partially offset declines in discretionary categories.
Same-day services grew nearly 4 percent, led by nearly 7 percent growth in Drive-Up.
Inventory at the end of Q2 was 17 percent lower than last year, reflecting a 25 percent reduction in discretionary categories, partially offset by inventory investments to support frequency categories, and strategic investments to support long-term market-share opportunities.
Given recent sales trends, the Company lowered its full year sales and profit expectations. The Company now expects comparable sales in a wide range around a mid-single digit decline for the remainder of the year, and now expects full-year GAAP and Adjusted EPS of $7.00 to $8.00.


For additional media materials, please visit:
https://corporate.target.com/article/2023/08/q2-2023-earnings

MINNEAPOLIS (August 16, 2023) – Target Corporation (NYSE: TGT) today announced its second quarter 2023 financial results, which reflected stronger-than-expected profit performance on softer-than-expected sales.
The Company reported second quarter GAAP and Adjusted earnings per share1 (EPS) of $1.80, up 357.6 percent from $0.39 in 2022. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

– more –
1Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items. See the tables of this release for additional information about the items that have been excluded from Adjusted EPS.

Target Corporation Reports Second Quarter Earnings — Page 2 of 12
Brian Cornell, chair and chief executive of Target Corporation, said “Our second quarter financial results clearly demonstrate the agility of our team and the resilience of our business model, as we saw better-than-expected profitability in the face of softer-than-expected sales. With the benefit of a much-leaner inventory position than a year ago, the team was able to quickly respond to rapidly-changing topline trends throughout the second quarter, while continuing to focus on the guest experience.”

“As we move into the Fall, the team is gearing up for the biggest seasons of the year, with a focus on continuing to serve our guests with newness throughout our assortment. At the same time, we continue to take a cautious approach to planning our business, and have therefore adjusted our financial guidance in anticipation of continued near-term challenges on the topline. This approach, along with the long-term investments we’re making in our business and strategy, position us to deliver sustainable, profitable growth in the years ahead.”

Guidance
Given recent sales trends, Target now expects comparable sales in a wide range around a mid-single digit decline for the remainder of the year. The Company now expects full-year GAAP and Adjusted EPS of $7.00 to $8.00, compared with the prior range of $7.75 to $8.75.

For the third quarter, the Company expects comparable sales in a wide range around a mid-single digit decline, and GAAP and Adjusted EPS of $1.20 to $1.60.

Operating Results
Comparable sales declined 5.4 percent in the second quarter, reflecting comparable store sales declines of 4.3 percent and comparable digital sales declines of 10.5 percent. Total revenue of $24.8 billion was 4.9 percent lower than last year, reflecting a total sales decline of 4.9 percent partially offset by a 1.3 percent increase in other revenue. Second quarter operating income of $1.2 billion was 273.0 percent higher than last year, driven by a higher gross margin rate.
– more –


Target Corporation Reports Second Quarter Earnings — Page 3 of 12

Second quarter operating income margin rate was 4.8 percent in 2023, compared with 1.2 percent in 2022. Second quarter gross margin rate was 27.0 percent, compared with 21.5 percent in 2022, reflecting lower markdowns and other inventory-related costs, lower freight costs, retail price increases, and lower supply chain and digital fulfillment costs. These benefits were partially offset by higher inventory shrink. Second quarter SG&A expense rate was 20.9 percent in 2023, compared with 19.2 percent in 2022, reflecting the de-leveraging impact of lower sales combined with higher costs, including continued investments in pay and benefits and inflationary pressures throughout our business, partially offset by disciplined cost management.

Interest Expense and Taxes
The Company’s second quarter 2023 net interest expense was $141 million, compared with $112 million last year, reflecting higher average long-term debt balances combined with the impact of higher floating interest rates.
Second quarter 2023 effective income tax rate was 22.2 percent, compared with the prior year rate of 15.8 percent. The rate increase was driven by higher earnings, which diluted the benefit of fixed and discrete tax items.

Capital Deployment and Return on Invested Capital
The Company paid dividends of $499 million in the second quarter, compared with $417 million last year, primarily driven by a 20.0 percent increase in the dividend per share.
The Company did not repurchase any stock in the second quarter. As of the end of the quarter, the Company had approximately $9.7 billion of remaining capacity under the repurchase program approved by Target’s Board of Directors in August 2021.
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Target Corporation Reports Second Quarter Earnings — Page 4 of 12
For the trailing twelve months through second quarter 2023, after-tax return on invested capital (ROIC) was 13.7 percent, compared with 18.4 percent for the trailing twelve months through second quarter 2022. The decrease in ROIC was driven primarily by lower profitability coupled with an increase in invested capital. The tables in this release provide additional information about the Company’s ROIC calculation.

Webcast Details
Target will webcast its second quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Corporate.Target.com/Investors (click on "Q2 2023 Target Corporation Earnings Conference Call" under "Events & Presentations"). A replay of the webcast will be provided when available. The replay number is 1-866-360-8712.

Miscellaneous
Statements in this release regarding the Company’s future financial performance, including its fiscal 2023 third quarter and full-year guidance, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause the Company’s results to differ materially. The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended January 28, 2023. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.

About Target
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website (corporate.target.com) and press center.

# # #


Target Corporation Reports Second Quarter Earnings — Page 5 of 12

TARGET CORPORATION
 
Consolidated Statements of Operations
 Three Months Ended Six Months Ended 
(millions, except per share data) (unaudited)July 29, 2023July 30, 2022ChangeJuly 29, 2023July 30, 2022Change
Sales $24,384 $25,653 (4.9)%$49,332 $50,483 (2.3)%
Other revenue389 384 1.3 763 724 5.5 
Total revenue24,773 26,037 (4.9)50,095 51,207 (2.2)
Cost of sales17,798 20,142 (11.6)36,184 38,603 (6.3)
Selling, general and administrative expenses
5,184 5,002 3.6 10,209 9,764 4.6 
Depreciation and amortization (exclusive of depreciation included in cost of sales)
594 572 3.9 1,177 1,173 0.4 
Operating income
1,197 321 273.0 2,525 1,667 51.5 
Net interest expense141 112 26.3 288 224 28.7 
Net other income(16)(8)102.0 (39)(23)73.6 
Earnings before income taxes
1,072 217 393.6 2,276 1,466 55.3 
Provision for income taxes237 34 591.2 491 274 79.4 
Net earnings $835 $183 356.5 %$1,785 $1,192 49.8 %
Basic earnings per share
$1.81 $0.40 356.4 %$3.87 $2.57 50.6 %
Diluted earnings per share
$1.80 $0.39 357.6 %$3.86 $2.55 51.1 %
Weighted average common shares outstanding
  
Basic461.6 461.5 0.0 %461.3 463.8 (0.5)%
Diluted462.5 463.6 (0.2)%462.7 466.8 (0.9)%
Antidilutive shares2.9 1.3 2.4 1.0 
Dividends declared per share$1.10 $1.08 1.9 %$2.18 $1.98 10.1 %



Target Corporation Reports Second Quarter Earnings — Page 6 of 12

TARGET CORPORATION
 
Consolidated Statements of Financial Position
(millions, except footnotes) (unaudited)July 29, 2023January 28, 2023July 30, 2022
Assets
Cash and cash equivalents$1,617 $2,229 $1,117 
Inventory12,684 13,499 15,320 
Other current assets1,797 2,118 2,016 
Total current assets16,098 17,846 18,453 
Property and equipment
Land6,504 6,231 6,161 
Buildings and improvements35,889 34,746 33,694 
Fixtures and equipment7,936 7,439 6,744 
Computer hardware and software3,178 3,039 2,684 
Construction-in-progress2,641 2,688 2,245 
Accumulated depreciation(23,201)(22,631)(21,708)
Property and equipment, net32,947 31,512 29,820 
Operating lease assets2,840 2,657 2,542 
Other noncurrent assets1,321 1,320 1,655 
Total assets$53,206 $53,335 $52,470 
Liabilities and shareholders’ investment
Accounts payable$12,278 $13,487 $14,891 
Accrued and other current liabilities5,948 5,883 5,905 
Current portion of long-term debt and other borrowings1,106 130 1,649 
Total current liabilities19,332 19,500 22,445 
Long-term debt and other borrowings14,926 16,009 13,453 
Noncurrent operating lease liabilities2,798 2,638 2,543 
Deferred income taxes2,334 2,196 1,862 
Other noncurrent liabilities1,826 1,760 1,575 
Total noncurrent liabilities21,884 22,603 19,433 
Shareholders’ investment
Common stock38 38 38 
Additional paid-in capital6,610 6,608 6,502 
Retained earnings5,767 5,005 4,421 
Accumulated other comprehensive loss(425)(419)(369)
Total shareholders’ investment11,990 11,232 10,592 
Total liabilities and shareholders’ investment$53,206 $53,335 $52,470 
Common Stock Authorized 6,000,000,000 shares, $0.0833 par value; 461,600,640, 460,346,947, and 460,236,393 shares issued and outstanding as of July 29, 2023, January 28, 2023, and July 30, 2022, respectively.
 
Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.


Target Corporation Reports Second Quarter Earnings — Page 7 of 12

TARGET CORPORATION
 
Consolidated Statements of Cash Flows
 Six Months Ended
(millions) (unaudited)July 29, 2023July 30, 2022
Operating activities  
Net earnings $1,785 $1,192 
Adjustments to reconcile net earnings to cash (required for) provided by operating activities:
Depreciation and amortization1,350 1,329 
Share-based compensation expense107 122 
Deferred income taxes141 227 
Noncash losses / (gains) and other, net 11 108 
Changes in operating accounts:  
Inventory815 (1,418)
Other assets62 (179)
Accounts payable(1,137)(784)
Accrued and other liabilities264 (644)
Cash provided by (required for) operating activities3,398 (47)
Investing activities  
Expenditures for property and equipment(2,825)(2,523)
Proceeds from disposal of property and equipment
Other investments(2)
Cash required for investing activities(2,821)(2,518)
Financing activities  
Change in commercial paper, net— 1,545 
Reductions of long-term debt(72)(113)
Dividends paid(996)(842)
Repurchase of stock— (2,646)
Shares withheld for taxes on share-based compensation(121)(175)
Stock option exercises— 
Cash required for financing activities(1,189)(2,229)
Net decrease in cash and cash equivalents(612)(4,794)
Cash and cash equivalents at beginning of period2,229 5,911 
Cash and cash equivalents at end of period$1,617 $1,117 



Target Corporation Reports Second Quarter Earnings — Page 8 of 12

TARGET CORPORATION
 
Operating Results

Rate AnalysisThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Gross margin rate27.0 %21.5 %26.7 %23.5 %
SG&A expense rate20.9 19.2 20.4 19.1 
Depreciation and amortization expense rate (exclusive of depreciation included in cost of sales)
2.4 2.2 2.3 2.3 
Operating income margin rate4.8 1.2 5.0 3.3 
Note: Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue. Other revenue includes $169 million and $343 million of profit-sharing income under our credit card program agreement for the three and six months ended July 29, 2023, respectively, and $181 million and $366 million for the three and six months ended July 30, 2022, respectively.

Comparable SalesThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Comparable sales change(5.4)%2.6 %(2.8)%3.0 %
Drivers of change in comparable sales
Number of transactions (traffic)(4.8)2.7 (2.0)3.3 
Average transaction amount(0.7)0.0 (0.8)(0.3)

Comparable Sales by ChannelThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Stores originated comparable sales change(4.3)%1.3 %(1.8)%2.3 %
Digitally originated comparable sales change(10.5)9.0 (7.0)6.1 
 
Sales by ChannelThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Stores originated83.1 %82.1 %82.8 %81.9 %
Digitally originated16.9 17.9 17.2 18.1 
Total100 %100 %100 %100 %

Sales by Fulfillment ChannelThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Stores 97.6 %96.6 %97.4 %96.6 %
Other2.4 3.4 2.6 3.4 
Total100 %100 %100 %100 %
Note: Sales fulfilled by stores include in-store purchases and digitally originated sales fulfilled by shipping merchandise from stores to guests, Order Pickup, Drive Up, and Shipt.

RedCard PenetrationThree Months EndedSix Months Ended
(unaudited)July 29, 2023July 30, 2022July 29, 2023July 30, 2022
Total RedCard Penetration18.6 %20.1 %18.8 %20.2 %


Target Corporation Reports Second Quarter Earnings — Page 9 of 12

 
Number of Stores and Retail Square FeetNumber of Stores
Retail Square Feet (a)
(unaudited)July 29,
2023
January 28,
2023
July 30,
2022
July 29,
2023
January 28,
2023
July 30,
2022
170,000 or more sq. ft.274 274 273 48,995 48,985 48,798 
50,000 to 169,999 sq. ft.1,534 1,527 1,521 191,947 191,241 190,734 
49,999 or less sq. ft.147 147 143 4,404 4,358 4,256 
Total1,955 1,948 1,937 245,346 244,584 243,788 
(a)In thousands; reflects total square feet less office, supply chain facilities, and vacant space.



Target Corporation Reports Second Quarter Earnings — Page 10 of 12

TARGET CORPORATION
 
Reconciliation of Non-GAAP Financial Measures
 
To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our operations. This measure is not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is diluted earnings per share. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.
 
Reconciliation of Non-GAAP
Adjusted EPS
Three Months Ended
July 29, 2023July 30, 2022
(millions, except per share data) (unaudited)PretaxNet of TaxPer SharePretaxNet of TaxPer ShareChange
GAAP and adjusted diluted earnings per share
$1.80 $0.39 357.6 %
Reconciliation of Non-GAAP
Adjusted EPS
Six Months Ended
July 29, 2023July 30, 2022
(millions, except per share data) (unaudited)PretaxNet of TaxPer SharePretaxNet of TaxPer ShareChange
GAAP diluted earnings per share
$3.86 $2.55 51.1 %
Adjustments
Other (a)
$— $— $— $20 $15 $0.03 
Adjusted diluted earnings per share
$3.86 $2.59 49.2 %
Note: Amounts may not foot due to rounding.
(a)Other items unrelated to current period operations, none of which were individually significant.

Reconciliation of Non-GAAP
Adjusted EPS Guidance
Guidance
Q3 2023Full Year 2023
(unaudited)
Per Share
Per Share
GAAP diluted earnings per share guidance
$1.20 - $1.60$7.00 - $8.00
Estimated adjustments
Other (a)
$— $— 
Adjusted diluted earnings per share guidance
$1.20 - $1.60$7.00 - $8.00
(a)Third quarter and full-year 2023 GAAP EPS may include the impact of certain discrete items, which will be excluded in calculating Adjusted EPS. In the past, these items have included losses on the early retirement of debt and certain other items that are discretely managed. The Company is not currently aware of any such discrete items.



Target Corporation Reports Second Quarter Earnings — Page 11 of 12

Earnings before interest expense and income taxes (EBIT) and earnings before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative to, GAAP. The most comparable GAAP measure is net earnings. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.

EBIT and EBITDAThree Months Ended Six Months Ended 
(dollars in millions) (unaudited)July 29, 2023July 30, 2022ChangeJuly 29, 2023July 30, 2022Change
Net earnings $835 $183 356.5 %$1,785 $1,192 49.8 %
 + Provision for income taxes237 34 591.2 491 274 79.4 
 + Net interest expense141 112 26.3 288 224 28.7 
EBIT
$1,213 $329 268.8 %$2,564 $1,690 51.8 %
 + Total depreciation and amortization (a)
683 650 5.0 1,350 1,329 1.5 
EBITDA
$1,896 $979 93.6 %$3,914 $3,019 29.6 %
(a)Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.


Target Corporation Reports Second Quarter Earnings — Page 12 of 12

We have also disclosed after-tax ROIC, which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.

After-Tax Return on Invested Capital
(dollars in millions) (unaudited)
Trailing Twelve Months
Numerator
July 29, 2023July 30, 2022
Operating income
$4,706 $5,773 
 + Net other income
65 54 
EBIT
4,771 5,827 
 + Operating lease interest (a)
102 88 
  - Income taxes (b)
986 1,282 
Net operating profit after taxes$3,887 $4,633 

Denominator
July 29, 2023July 30, 2022July 31, 2021
Current portion of long-term debt and other borrowings$1,106 $1,649 $1,190 
 + Noncurrent portion of long-term debt14,926 13,453 11,589 
 + Shareholders' investment11,990 10,592 14,860 
 + Operating lease liabilities (c)
3,104 2,823 2,695 
  - Cash and cash equivalents
1,617 1,117 7,368 
Invested capital$29,509 $27,400 $22,966 
Average invested capital (d)
$28,454 $25,183 
After-tax return on invested capital
13.7 %18.4 %
(a)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. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A. 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.
(b)Calculated using the effective tax rates, which were 20.2 percent and 21.7 percent for the trailing twelve months ended July 29, 2023, and July 30, 2022, respectively. For the twelve months ended July 29, 2023, and July 30, 2022, includes tax effect of $1.0 billion and $1.3 billion, respectively, related to EBIT, and $20 million and $19 million, respectively, related to operating lease interest.
(c)Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities, respectively.
(d)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.

v3.23.2
Cover Page
Aug. 16, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 16, 2023
Entity Registrant Name Target Corporation
Entity Incorporation, State or Country Code MN
Entity File Number 1-6049
Entity Tax Identification Number 41-0215170
Entity Address, Address Line One 1000 Nicollet Mall,
Entity Address, City or Town Minneapolis,
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55403
City Area Code (612)
Local Phone Number 304-6073
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.0833 per share
Trading Symbol TGT
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000027419
Amendment Flag false

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