TARGET CORP（TGT）の決算・業績分析
TARGET CORPの2024年有価証券報告書をAI分析。売上高$106.6B(-0.8%)。営業利益$5.6B。Consumer Discretionary。
目次
TARGET CORPの2024年度 業績サマリー
TARGET CORP（証券コード: TGT）の2024年度決算・業績分析。売上高は$106.6B（前年比-0.8%）。営業利益は$5.6B（前年比-2.5%）。純利益は$4.1B（前年比-1.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
TARGET CORPの2024年度 注目ポイント
- Revenue grew 2.9% YoY to $109.1B (XBRL), but operating income fell 57.0% YoY to $3.8B (XBRL) due to declining discretionary category sales.
- Net income dropped 60.0% YoY to $2.8B (XBRL), despite a 6.0% YoY increase in EBITDA to $6.5B (XBRL).
- Free cash flow turned negative at $-1.5B (XBRL) due to $5.5B in CapEx (XBRL), while $4.5B was returned to shareholders via dividends and buybacks (XBRL).
- Net debt rose to $10.3B (1.6x EBITDA) (XBRL), with long-term debt at $14.2B (XBRL), despite $3.8B in cash reserves (XBRL).
- ROE remained strong at 21.7% (XBRL), but current ratio declined to 0.91x (XBRL), signaling potential liquidity concerns.
TARGET CORPの売上高変化の要因
- •FY2024 revenue grew 2.9% YoY to $109.1B (XBRL), with historical growth of +9.7% CAGR over 5 years (XBRL). However, FY2023 revenue declined 1.6% due to lower sales in Discretionary categories (Apparel & Accessories, Hardlines, Home Furnishings & Decor) (10-K). Frequency categories (Beauty & Household Essentials, Food & Beverage) showed growth, though segment-specific revenue breakdowns are unavailable (N/A).
TARGET CORPの営業利益変化の要因
- •Operating income fell 57.0% YoY to $3.8B (XBRL), with operating margin declining to 3.5% (XBRL). Net margin dropped 60.0% YoY to 2.5% (XBRL). EBITDA increased 6.0% YoY to $6.5B (XBRL). The decline in operating income is attributed to lower discretionary category sales and higher inventory shrink (10-K). Gross profit data is not available (N/A).
TARGET CORPの事業リスクと対応
Failure to differentiate from competitors could harm operations and financial condition (10-K).
Inability to adapt to changing consumer preferences risks inventory inefficiencies and lower sales (10-K).
Erosion of Target's reputation could lead to reduced sales, boycotts, and legal issues (10-K).
Challenges in digital migration and fulfillment options may increase costs without performance gains (10-K).
Evolving ESG expectations may impact reputation if sustainability or diversity goals are unmet (10-K).
Regulatory risks include potential government investigations due to negative incidents (10-K).
Reliance on third-party technologies (e.g., AI) poses technology disruption risks (10-K).
TARGET CORPの今後の見通し・業績予想
TARGET CORPの事業内容
Target Corp operates a retail business model, selling everyday essentials and fashionable merchandise through physical stores and digital channels (10-K). Key segments include general merchandise, food, and digital sales, with competitive advantages in curated product assortments, loyalty programs (Target Circle), and supply chain efficiency (10-K). The company generates revenue from product sales, in-store amenities (e.g., Starbucks, Target Café), and occupancy income from CVS Pharmacy (10-K). No significant customer concentration is reported (10-K).
TARGET CORPのAI業績分析レポート（2024年度）
Target Corp (TGT) FY2024 Annual Report Analysis
Highlights
Business Overview
Target Corp operates a retail business model, selling everyday essentials and fashionable merchandise through physical stores and digital channels (10-K). Key segments include general merchandise, food, and digital sales, with competitive advantages in curated product assortments, loyalty programs (Target Circle), and supply chain efficiency (10-K). No significant customer concentration is reported (10-K).
Revenue Analysis
FY2024 revenue grew 2.9% YoY to $109.1B (XBRL), with historical growth of +9.7% CAGR over 5 years (XBRL). However, FY2023 revenue declined 1.6% due to lower sales in Discretionary categories (Apparel & Accessories, Hardlines, Home Furnishings & Decor) (10-K). Frequency categories (Beauty & Household Essentials, Food & Beverage) showed growth, though segment-specific revenue breakdowns are unavailable (N/A).
Profitability Analysis
Operating income fell 57.0% YoY to $3.8B (XBRL), with operating margin declining to 3.5% (XBRL). Net margin dropped 60.0% YoY to 2.5% (XBRL). EBITDA increased 6.0% YoY to $6.5B (XBRL). The decline in operating income is attributed to lower discretionary category sales and higher inventory shrink (10-K). Gross profit data is not available (N/A).
Balance Sheet Analysis
Total assets rose to $55.4B (XBRL), while total equity fell to $12.8B (XBRL). Equity ratio is 23.2% (XBRL), and current ratio is 0.91x (XBRL). Long-term debt is $14.2B (XBRL), with net debt at $10.3B (1.6x EBITDA) (XBRL). Cash reserves are $3.8B (XBRL).
Cash Flow Analysis
Operating cash flow was $4.0B (XBRL), but free cash flow was negative $1.5B (XBRL) due to $5.5B in CapEx (XBRL). Investing cash flow was -$5.5B (XBRL), and financing cash flow was -$2.2B (XBRL). Shareholders received $4.5B in returns: $1.8B in dividends (XBRL) and $2.6B in share repurchases (XBRL).
Risks
Outlook
Management highlights declining Discretionary category sales, higher inventory shrink, and supply chain cost reductions as key trends (10-K). Strategic investments in digital fulfillment (e.g., same-day services) and store efficiency are emphasized for long-term growth (10-K). No specific FY2025 guidance is provided (N/A).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Revenue | 75.4B | 78.1B | 93.6B | 106.0B | 109.1B |
| Operating Income | 4.1B | 4.7B | 6.5B | 8.9B | 3.8B |
| Net Income | N/A | N/A | 4.4B | 6.9B | 2.8B |
| Total Assets | 42.8B | 51.2B | 53.8B | 53.3B | 55.4B |
| Total Equity | 11.7B | 11.3B | 11.8B | 14.4B | 12.8B |
| Operating Cash Flow | 6.0B | 7.1B | 10.5B | 8.6B | 4.0B |
Consumer Discretionaryの企業一覧
TARGET CORPと同じ「Consumer Discretionary」セクターの企業