In a press release dated November 18th, Target Corporation (TGT) announced results for the third quarter ending October 31st. For the period, the company earned $1,014 million on total revenue of $22,632 million with an EPS of $2.02. Comparable figures for the third quarter of fiscal 2019 ending November 2nd were net earnings of $714 million on total revenue of $18,665 million with an EPS of $1.40.
The company claimed an increase of 4.5 percent in traffic and an average ticket increase of 15.6 percent. Same-store sales improved by 9.9 percent compared to the third quarter of FY2019. Digital comparable sales grew by 155 percent and same-day pickup, drive up and Shipt delivery grew by 217 percent. It is significant that 95 percent of third quarter sales were fulfilled either in or by stores.
Target values total assets at $50,661 million up from $42,779 million effective February 1st 2020. The company carries long-term debt and lease obligations of $14,700 million.
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In commenting on results, Brian Cornell, Chairman and CEO of Target Corporation stated, "our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model with a differentiated assortment and a suite of industry-leading fulfillment options". Cornell added, "in preparation for the holiday season we will focus first on the safety of our guests and our team, making changes to eliminate crowds while enhancing our fast-growing contactless options like in-store pickup, drive-up and Shipt".
Target Corporation has a market capitalization of $85,790 million. TGT shares have traded in a 52-week range of $90.17 to $173.44 with a 50-day moving average of $160.35. TGT trades with a forward P/E of 20.6. Trailing twelve-month operating margin was 6.2 percent and profit margin 4.2 percent. The trailing twelve-month return on assets is 7.4 percent and on equity 28.8 percent.
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