Name: Target Corp. (NYSE:TGT) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Target Corp., income statement, revenues

US$ in millions

12 months ended:	Feb 1, 2025	Feb 3, 2024	Jan 28, 2023	Jan 29, 2022	Jan 30, 2021	Feb 1, 2020
Apparel and accessories	16,505)	16,485)	17,646)	17,931)	14,772)	14,304)
Beauty	13,173)	12,538)	11,092)	—)	—)	—)
Food and beverage	23,828)	23,899)	22,918)	20,306)	18,135)	15,039)
Hardlines	15,784)	16,162)	17,739)	18,614)	16,626)	12,595)
Home furnishings and décor	16,699)	17,760)	19,463)	20,255)	18,231)	14,430)
Household essentials	18,614)	18,746)	18,483)	—)	—)	—)
Beauty and household essentials (legacy)	—)	—)	—)	27,268)	24,461)	20,616)
Other merchandise sales	217)	213)	247)	237)	175)	146)
Merchandise sales	104,820)	105,803)	107,588)	104,611)	92,400)	77,130)
Advertising revenue	649)	522)	404)	—)	—)	—)
Credit card profit sharing	576)	667)	734)	710)	666)	680)
Other	521)	420)	394)	684)	495)	302)
Net sales	106,566)	107,412)	109,120)	106,005)	93,561)	78,112)

Based on: 10-K (reporting date: 2025-02-01), 10-K (reporting date: 2024-02-03), 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01).

The data reveals varying trends across different merchandise categories and revenue streams over the observed periods.

Apparel and accessories: Sales showed a gradual increase from 14,304 million USD in early 2020 to a peak of 17,931 million USD in early 2022. Subsequently, sales declined to 16,505 million USD by early 2025, indicating some volatility and a downward adjustment after the peak.
Beauty: Available data starts in early 2023 with sales at 11,092 million USD, followed by consistent growth to 13,173 million USD by early 2025. This suggests a positive upward trend in this category.
Food and beverage: This category demonstrated a clear, steady upward trajectory, increasing from 15,039 million USD in 2020 to a peak of 23,899 million USD in early 2024, with a slight decrease to 23,828 million USD in early 2025. Overall, it remains a strong performer.
Hardlines: Sales increased notably from 12,595 million USD in 2020 to 18,614 million USD in 2022, but thereafter declined sharply to 15,784 million USD by 2025, signaling a loss of momentum in this category.
Home furnishings and décor: The segment grew from 14,430 million USD in 2020 to a peak of 20,255 million USD in early 2022, then declined progressively to 16,699 million USD in early 2025, showing a similar pattern of post-peak contraction.
Household essentials: Data from 2023 onward shows relatively stable sales, fluctuating slightly around 18,600 million USD with minor variation, suggesting stabilization in this category.
Beauty and household essentials (legacy): This combined category exhibited strong growth from 20,616 million USD in 2020 to 27,268 million USD in 2022, after which data is missing, possibly indicating a reclassification or separate reporting in subsequent periods.
Other merchandise sales: Sales in this minor category generally increased modestly over time, starting from 146 million USD in 2020 and reaching around 217 million USD by 2025, indicating consistent but limited growth.
Merchandise sales: The aggregate merchandise sales increased steadily from 77,130 million USD in 2020 to a peak of 107,588 million USD in 2023, followed by a slight decrease to about 104,820 million USD by 2025, reflecting the consolidated impact of individual category trends.
Advertising revenue: A growing revenue source starting from 404 million USD in 2023 and increasing consistently to 649 million USD in 2025, indicating expansion in non-merchandise revenue streams.
Credit card profit sharing: This revenue showed minor fluctuations with an initial amount of 680 million USD in 2020, reaching a peak of 734 million USD in 2023, but then declining to 576 million USD by 2025, suggesting variability in this income source.
Other revenues: Other income demonstrated an inconsistent pattern, rising from 302 million USD in 2020 to a peak of 684 million USD in 2022, dropping in 2023, but increasing again to 521 million USD by 2025, reflecting volatility.
Net sales: Overall net sales steadily increased from 78,112 million USD in 2020 to a peak of 109,120 million USD in 2023, before slightly declining to 106,566 million USD in 2025, mirroring trends in merchandise sales with a minor decrease towards the end of the period.

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