Don t Worry About Target s $4 Billion Annual Shopping Spree
03/08/21 AT 7:20 AM
Target (NYSE:TGT) recently announced results from its final quarter of fiscal 2020 in line with the update management provided a few months ago. Revenue increased 21% year over year to $28.0 billion, and net income surged 66% to $1.4 billion as the big-box store s investments in e-commerce and same-day order fulfillment paid off during the pandemic.
The really big news, though, was Target s new outlay for annual capital expenditures: $4 billion. It s a sharp uptick in what Target was spending the last time it made a strategic announcement like this, but the timing couldn t be better. Coming off a huge year of profitable gains, the company will be investing more in the areas of its business that made it a success in a new e-commerce-driven world.
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John Hulbert
Good morning, everyone, and thanks for attending our 2021 financial community meeting. This morning we re being joined by investors and others who are listening in to the webcast. Following today s meeting, Michael and I will be available to answer any follow-up questions. Before I turn it over to Brian to kick off the meeting, I have a couple of important disclosures.
First, any forward-looking statements that we make this morning are subject to risks and uncertainties, the most important of which are described in our SEC filings. Second, in today s remarks, we refer to non-GAAP financial measures, including adjusted earnings per share. Reconciliations of all non-GAAP measures to the most directly comparable GAAP measure are included in our financial press releases and SEC filings, which are posted on our Investor Relations website. With that, let s begin the meeting.
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