For the second quarter of 2024, Target Corporation reported total revenue of $25.5 billion, marking a 2.7% increase compared to the same period in the previous year. This growth was supported by a 2.0% rise in comparable sales, which was driven by a 3.0% increase in customer traffic, although the average transaction amount saw a slight decline of 0.9%. Digitally-originated sales experienced a notable increase of 8.7%, while comparable store-originated sales grew by 0.7%.
Operating income for the quarter reached $1.6 billion, reflecting a significant 36.6% increase from the prior year. Both GAAP and adjusted diluted earnings per share (EPS) were reported at $2.57 for the quarter.
For the six months ending August 3, 2024, cash flows from operating activities totaled $3.3 billion, a slight decrease from $3.4 billion in the same period last year. As of August 3, 2024, Target's inventory stood at $12.6 billion, an increase from $11.9 billion as of February 3, 2024, and a slight decrease from $12.7 billion as of July 29, 2023.
Dividends paid during the three months ended August 3, 2024, totaled $509 million, equating to $1.10 per share. For the six-month period, dividends amounted to $1,017 million, or $2.20 per share, representing a 1.9% increase per share from the previous year.
Target's after-tax return on invested capital (ROIC) for the trailing twelve months ended August 3, 2024, was reported at 16.6%, an increase from 13.7% for the trailing twelve months ended July 29, 2023.
As of August 23, 2024, Target had a total of 460,674,666 shares of common stock outstanding, with a par value of $0.0833. The registrant confirmed that it is not a shell company.
About TARGET CORP
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