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A Financial Ratio Analysis of Target Corporation A Profitability Assessment Assume that you are a prospective lending bank of Target Corporation (TGT), a retailer of "everyday essentials and fashionable, differentiated merchandise at discounted prices," and are interested in the company's historical and current financial activities and performance. Use the following financial data for Target to complete and conduct your financial ratio analysis. Then answer the questions that follow. Remember, the results of a ratio analysis often identify issues requiring additional investigation. Target Corporation Selected Income Statement, Balance Sheet, and Related Data! Income Statement 2010 2009 2008 Sales $62,884,000,000 Less: Cost of goods sold 44,157,000,000 18,727,000,000 Gross pront Less: Selling, general, and administrative expenses Less: Other expenses Earnings before interest and taxes (EBIT) Less: Interest expense Earnings before taxes (EBT) $65,786,000,000 45,725,000,000 20,061,000,000 13,469,000,000 860,000,000 5,252,000,000 757,000,000 4,495,000,000 1,575,000,000 $2,920,000,000 609,000,000 $63,435,000,000 44,062,000,000 19,373,000,000 13,078,000,000 1,521,000,000 4,673,000,000 801,000,000 3,872,000,000 12,954,000,000 1,609,000,000 4,402,000,000 866,000,000 Less: Taxes 3,536,000,000 1,322,000,000 $2,214,000,000 465,000,000 1,384,000,000 $2,488,000,000 496,000,000 Net income Less: Common dividends paid Dividends per share $0.87 $0.67 $0.62 Balance Sheet Data Assets: 2010 2008 Cash and marketable securities 5864,000,000 Receivables Inventory Other current assets $1,712,000,000 6,153,000,000 7,596,000,000 1,752,000,000 17,213,000,000 25,493,000,000 999,000,000 $43,705,000,000 2009 $2,200,000,000 6,966,000,000 7,179,000,000 2,079,000,000 18,424,000,000 25,280,000,000 829,000,000 $44,533,000,000 Total current assets 8,084,000,000 6,705,000,000 1,835,000,000 17,488,000,000 25,756,000,000 862,000,000 $44,106,000,000 Net fixed assets Other long-term assets Total assets Llabilities and Equity: Accounts payable Accruals Other current liabilities Total current liabilities Long-term liabilities Total debt $6,625,000,000 3,326,000,000 119,000,000 10,070,000,000 18,148,000,000 28,218,000,000 59,000,000 3,311,000,000 12,117,000,000 15,487,000,000 $43,705,000,000 $6,511,000,000 $6,337,000,000 3,120,000,000 2,913,000,000 1,696,000,000 1,262,000,000 11,327,000,000 10,512,000,000 17,859,000,000 19,882,000,000 29,186,000,000 30,394,000,000 62,000,000 63,000,000 2,919,000,000 2,762,000,000 12,366,000,000 10,887,000,000 15,347,000,000 13,712,000,000 $44,533,000,000 $44,106,000,000 Common stock Additional paid-in capital Retained earnings Total equity Total debt and equity Other Relevant Data Common shares outstanding Total dividends paid Market price per share 704,038,218 609,000,000 $54.35 744,644,454 496,000,000 $51.27 752,712,464 465,000,000 $31.20 Finance in Action - Ratio Analysis Target Corporation Profitability Ratios Gross profit margin 2010 % 2009 % 2008 % Operating profit margin 2010 % 2009 % 2008 0% Net profit margin 2010 % 2009 % 2008 % ROA 2010 % 2009 % 2008 % ROE 2010 % 2009 % 2008 % BEP 2010 % 2009 9% 2008 Finance in Action - Ratio Analysis To answer these questions, focus primarily on Income statement accounts and relate them selectively to either the first holdings (total assets) or its sources of financing (such as its common equity). For example: 1. The return on assets (ROA) ratio relates the volume or after-tax earnings generated to each dollar or company assets. The trend of Target's ROA ratio, over the period of 2008 to 2010, indicates that management is becoming productive or effective in generating dollars. In addition, the return on equity (ROE) ratio provides shareholders with a summary value that indicates the amount of net income generated by each dollar of stockholders' equity. The trend of Target's ROE ratios indicates that management is Min generating a growing return to Target's shareholders. Which of the following statements are correct? Check all that apply. The trend of the Net Income account suggests that Target is doing a better job in managing its operating and debt-financing costs. An examination of the trend of the total asset account balances further supports the behavior of the ROA values. The trend of Target's Net income account is consistent with the observed behavior of the ROA and ROE ratios. 2. In contrast, the basic earnings power (BEP) ratio provides insights into the effectiveness of Torget's management in generating profits using the Tirm's total assets-before consideration of its W By excluding these expenses from the calculation, the ratio is useful for comparing companies that employ differing tax treatments and Which of the following statements are correct? Check all that apply. l The trend of Target's Cost of goods sold account provides a partial explanation for the pattern exhibited by its BEP ratio The behavior of Target's Accounts payable and Retained earnings accounts contributed to the trend of the BEP ratio during 2008 to 2010. During 2008 to 2010, the quality of management performance suggested by the ROA and ROE ratios is consistent with that suggested by Target's BEP ratio on management's performance during the 2008-to- In general, it is reasonable to conclude that the trend of the BEP ratio reflects 2010 period which is with that of the The trend of the BEP ratio indicates that Target's management performance has been ROA and ROE ratios. 3. The pront margin ratios--gross, operating, and net-are useful to users of financial information interested in the company's ability to manage (but not necessarily minimize) its costs. Each ratio places a different income statement subtotal (gross pront, EBIT, and net income) in the numerator and as the its denominator uses The pattern of gross profit margins from year to year suggests that Target's costs of goods sold as a percentage of total sales are This trend is verified by which of the following cata? Target's cost of goods sold, expressed as a percentage of total sales, for 2008, 2009, and 2010 are 70.22% 69.46% and 69.51% respectively. Target's cost of goods sold, expressed as a percentage of total sales, for 2008, 2009, and 2010 are 30.49%, 30.51% and 29,78% respectively. Target's cost of goods sold, expressed as a percentage of total sales, for 2008, 2009, and 2010 are 29.78%, 30,54% and 30.49% respectively. 4. An examination of the income statement data suggests that the growth in the operating and net profit margins is mostly attributable to Is it reasonable to attribute changes in the net profit margin to changes in Target's tax rate? because target pays ncome statement accounts and relate them selectively to either the firm's asset holdings equity). For example: volume of after-tax earnings generated to each dollar of company assets. The trend of T that management is becoming productive or effective in generating vides shareholders with a summ more e that indicates the amount of net income gene et's ROE ratios indicates that mal less nt is in generating a growing Check all that apply. uggests that Target is doing a better job in managing its operating and debt-financing al asset account balances further supports the behavior of the ROA values. selectively to either the firm's asset holdings (total assets) each dollar of company assets. The trend of Target's ROA ductive or effective in generating dollars. EBIT that indicates the amount of net in ed by each is in generating net income furn to gross profit 7 managing its operating and debt-financing costs. the behavior of the ROA values. or of the ROA and ROE ratios. fter-tax earnings generated to each dollar of company assets. The trend of Target's ROA gement is becoming productive or effective in generating dollars. holders with a summary value that indicates the amount of net income generated by each jos indicates that management is in generating a growing return to ineffective hat apply. effective at Target is doing a better job in managing its operating and debt-financing costs. count balances further supports the behavior of the ROA values. sistent with the observed behavior of the ROA and ROE ratios. end of the Net Income account suggests that Target is doing a better job in managing its operating and debt-finan amination of the trend of the total asset account balances further supports the behavior of the ROA values. end of Target's Net Income account is consistent with the observed behavior of the ROA and ROE ratios. he basic earnings power (BEP) ratio provides insights into the effectiveness of Target's management in generating 5-before consideration of its By excluding these expense atio is useful for comparing co and interest and tax expenses wing statements are correct depreciation and other operating expenses end of Target's Cost of goods sold account provides a partial explanation for the pattern exhibited by its BEP rati havior of Target's Accounts payable and Retained earnings accounts contributed to the trend of the BEP ratio du 2008 to 2010, the quality of management performance suggested by the ROA and ROE ratios is consistent with S BEP ratio. easonable to conclude that the trend of the BEP ratio reflects on management's performance BEP ratio indicates that Target's management performance has been which is aces further supports the behavior of the ROA values. the observed behavior of the ROA and ROE ratios. nto the effectiveness of Target's management in generating profits using the By excluding these expenses from the ffering tax treatments and manufacturing processes levels of leverage partial explanation for the pl atio. marketing methods nings accounts contributed during 2008 to 2010. ce suggested by the ROA and ROE ratios is consistent with that suggested by reflects on management's performance during the 2008-to- mance has been which is with that of the ccounts payable and retained earnings accounts contributed to the trend of the BEP ratio during 2008 to 2010 quality of management performance suggested by the ROA and ROE ratios is consistent with that suggested b- le that the trend of the BEP ratio reflects on management's performance during the 2008 unfavorably at Target's management performance ha favorably which is with that e rating, and net-are useful to users of financial information interested in the company's ability to manage sh ratio places a different income statement subtotal (gross profit, EBIT, and net income) in the numerator enominator. m year to year suggests that Target's costs of goods sold as a percentage of total sales are This trend is verified by which of the following data? expressed as a percentage of total sales, for 2008, 2009, and 2010 are 70.22%, 69.46%, and 69.51%, nagement performance suggested by the ROA and ROE ratios is consistent with that suggested by end of the BEP ratio reflects on management's performance during the 2008-to- management performance has been which is with that of the improving met-are useful to users of financial worsening terested in the company's ability to manage (but es a different income statement sub rofit, EBIT, and net income) in the numerator and constant ar suggests that Target's costs of goods sold as a percentage of total sales are V This trend is verified by which of the following data? a percentage of total sales, for 2008, 2009, and 2010 are 70.22%, 69.46%, and 69.51%, a percentage of total sales, for 2008, 2009, and 2010 are 30.49%, 30.54%, and 29.78%, Euggested by the ROA and ROE ratios is consistent with that suggested by cts on management's performance during the 2008-to- has been which is with that of the inconsistent financial information interested in the consistent lity to manage (but ement subtotal (gross profit, EBIT, and TICE TRICOTTE, M the numerator and costs of goods sold as a percentage of total sales are trend is verified by which of the following data? s, for 2008, 2009, and 2010 are 70.22%, 69.46%, and 69.51%, 5, for 2008, 2009, and 2010 are 30.49%, 30.54%, and 29.78%, The trend of the BEP ratio indicates that Target's management performance ROA and ROE ratios. 3. The profit margin ratios-gross, operating, and net-are useful to users of not necessarily minimize) its costs. Each ratio places a different income state Uses as the its denominator. The P sales ofit margins from year to year suggests thas Target's current assets Thi O Target's cost of goods sold, expressed as a percentage of total sal respectively. Target's cost of goods sold, expressed as a percentage of total sal respectively. O Target's cost of goods sold, expressed as a percentage of total sal respectively 3. The profit margin ratios gross, operating, and net-are useful to users of financial information not necessarily minimize) its costs. Each ratio places a different income statement subtotal (grose as the its denominator. uses The pattern of gross profit margins from year to year suggests that Target's costs of goods sold a This trend is verified by decreasing age of total sales, for 2008, 2009, a variable, first increasing and then decreasing substantially age of total sales, for 2008, 2009, a increasing variable, first decreasing and then increasing slightly bge of total sales, for 2008, 2009, a respectively. 4. An examination of the income statement data suggests that the growth in the operating and ne U pLes Jeune come statement subtotal (gross profit, EE as the its denominator. uses The pattern of gross profit margins from year to year suggests that Target's costs of goods sold as a perce This trend is verified by which oft Target's cost of goods sold, expressed as a percentage of total sales, for 2008, 2009, and 2010 a respectively. jes, for 2008, 2009, and 2010 a increases in the Selling, General, and Administrative expenses accounts decreases in the other expenses account es, for 2008, 2009, and 2010 a increases in the other expenses account decreases in the Selling, General, and Administrative expenses accounts the operating and net profit Is it reasonable to attribute changes in the net profit margin to changes in Target's tax rate? becau Grad percentage of total sales, tor 2008, 2009, and 2010 are 70.22%, 69.46%, and 69.51%, a percentage of total sales, for 2008, 2009, and 2010 are 30.49%, 30.54%, and 29.78%, e percentage of total sales, for 2008, 2009, and 2010 are 29.78%, 30.54%, and 30.49%, gests that the growth in the operating an No Jofit margins is mostly attributable to Yes margin to changes in Target's tax rate? because Target pays Grade It Now Save & Continue Continue without saving respectively. O Target's cost of goods sold, expressed as a percentage of total sales, for respectively. O Target's cost of goods sold, expressed as a percentage of total sales, fom respectively. 4. An examination of the income statement data suggests that the growth in the o a constant rate of 28% a constant rate of 35% changes in the net profit margin to changes in Target's