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Target(TGT) - 2025 Q4 - Annual Results
TGTTarget(TGT)2025-03-04 11:49

Financial Performance - Full-year 2024 Net Sales decreased by 0.8% to 106.6billionfrom106.6 billion from 107.4 billion in 2023[11] - Fourth quarter Net Sales were 30.9billion,adeclineof3.130.9 billion, a decline of 3.1% compared to the same quarter in 2023[10] - Fourth quarter GAAP and Adjusted EPS were 2.41, down 19.3% from 2.98in2023[5]−Full−yearGAAPandAdjustedEPSwere2.98 in 2023[5] - Full-year GAAP and Adjusted EPS were 8.86, a decrease of 0.9% from 8.94intheprioryear[5]−TargetCorporationreportednetearningsof8.94 in the prior year[5] - Target Corporation reported net earnings of 4,091 million for the twelve months ended February 1, 2025, a slight decrease from 4,138millioninthepreviousyear[27]−NetearningsforQ42023were4,138 million in the previous year[27] - Net earnings for Q4 2023 were 1,103 million, down 20.2% from 1,382millioninQ42024[34]−EBITforQ42023was1,382 million in Q4 2024[34] - EBIT for Q4 2023 was 1,496 million, reflecting a 21.0% decline from 1,893millioninQ42024[34]−EBITDAforQ42023was1,893 million in Q4 2024[34] - EBITDA for Q4 2023 was 2,262 million, a decrease of 13.7% compared to 2,622millioninQ42024[34]SalesandGrowth−Digitalcomparablesalesgrewby8.72,622 million in Q4 2024[34] Sales and Growth - Digital comparable sales grew by 8.7% in the fourth quarter, with Same-Day delivery increasing over 25%[4] - Full-year comparable sales growth was 0.1%, with traffic increasing by 1.4% across stores and digital channels[4] - Comparable sales increased by 1.5% in the three months ended February 1, 2025, compared to a decline of 4.4% in the same period last year[30] - Digitally originated comparable sales rose by 8.7% in the three months ended February 1, 2025, while stores originated comparable sales decreased by 0.5%[30] Operating Income and Expenses - The company's operating income for the fourth quarter was 1.5 billion, a decrease of 21.3% from 1.9billionin2023[10]−Cashprovidedbyoperatingactivitieswas1.9 billion in 2023[10] - Cash provided by operating activities was 7,367 million for the twelve months ended February 1, 2025, down from 8,621millionintheprioryear[27]−TotaldepreciationandamortizationforQ42023was8,621 million in the prior year[27] - Total depreciation and amortization for Q4 2023 was 766 million, an increase of 5.2% from 729millioninQ42024[34]−NetinterestexpenseforQ42023was729 million in Q4 2024[34] - Net interest expense for Q4 2023 was 90 million, down 15.6% from 107millioninQ42024[34]AssetsandLiabilities−Totalassetsincreasedto107 million in Q4 2024[34] Assets and Liabilities - Total assets increased to 57,769 million as of February 1, 2025, compared to 55,356millionasofFebruary3,2024[25]−Totalcurrentliabilitiesincreasedto55,356 million as of February 3, 2024[25] - Total current liabilities increased to 20,799 million as of February 1, 2025, from 19,304millionasofFebruary3,2024[25]−Thecurrentportionoflong−termdebtandotherborrowingsincreasedto19,304 million as of February 3, 2024[25] - The current portion of long-term debt and other borrowings increased to 1,636 million from 1,116millionyear−over−year[36]EfficiencyandCostManagement−Targethasachievedover1,116 million year-over-year[36] Efficiency and Cost Management - Target has achieved over 2 billion in cost savings through ongoing efficiency efforts over the last two years[4] - After-tax return on invested capital (ROIC) for the trailing twelve months ended February 1, 2025, was 15.4%, down from 16.1% for the prior year[36] - Invested capital as of February 1, 2025, was 29,779million,upfrom29,779 million, up from 29,273 million in the previous year[36] Future Guidance - The company expects full-year 2025 GAAP and Adjusted EPS to be in the range of 8.80to8.80 to 9.80[9] - Full year 2025 GAAP diluted EPS guidance is projected to be between 8.80and8.80 and 9.80[33] Store Operations - The number of stores increased to 1,978 as of February 1, 2025, compared to 1,956 stores as of February 3, 2024[31] - Target Circle Card penetration decreased to 17.6% in the three months ended February 1, 2025, from 18.4% in the same period last year[31] - The company repurchased $1,007 million in stock during the twelve months ended February 1, 2025[27]