Target Corporation (TGT)

Working capital turnover

		Feb 3, 2024	Oct 28, 2023	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019
Revenue (ttm)	US$ in thousands	106,930,000	106,383,000	107,485,000	108,778,000	108,661,000	108,286,000	107,440,000	106,571,000	105,937,000	103,275,000	99,728,000	97,525,000	92,599,000	87,635,000	84,187,000	79,636,000	77,639,000	77,222,000	76,376,000	75,735,000
Total current assets	US$ in thousands	17,498,000	18,599,000	16,098,000	15,773,000	17,846,000	20,393,000	18,453,000	17,953,000	21,573,000	22,576,000	20,231,000	19,931,000	20,756,000	20,309,000	17,623,000	14,615,000	12,902,000	13,805,000	12,119,000	11,607,000
Total current liabilities	US$ in thousands	19,304,000	21,502,000	19,332,000	17,867,000	19,500,000	23,783,000	22,445,000	20,724,000	21,747,000	23,351,000	19,422,000	18,598,000	20,125,000	19,357,000	15,892,000	14,412,000	14,487,000	16,608,000	14,364,000	13,239,000
Working capital turnover		—	—	—	—	—	—	—	—	—	—	123.27	73.16	146.75	92.05	48.63	392.30	—	—	—	—

February 3, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $106,930,000K ÷ ($17,498,000K – $19,304,000K)
= —

The working capital turnover ratio for Target Corporation has shown significant fluctuations over the past several quarters. The ratio was not available for certain periods, indicating a lack of data or possibly changes in reporting practices.

In Q3 2021, the working capital turnover ratio was 123.27, signifying that Target converted its working capital into revenue 123.27 times during the period. This indicates efficient management of working capital to generate sales.

The ratio decreased to 73.16 in Q4 2021 before spiking to 146.75 in Q1 2022. This fluctuation suggests varying levels of operational efficiency and utilization of working capital during these quarters.

In Q2 2022, the ratio decreased to 92.05, indicating a slight decline in the efficiency of working capital utilization. However, in Q3 2022, the ratio dropped significantly to 48.63, signaling a potential decrease in sales relative to the working capital deployed.

Q4 2022 saw a substantial improvement with a working capital turnover ratio of 392.30, which is considerably higher than previous quarters. This surge may indicate a more aggressive approach to utilizing working capital to drive sales.

Overall, the working capital turnover ratio for Target Corporation has exhibited variability, which may reflect changes in business operations, seasonal factors, or strategic shifts in working capital management. Further analysis and comparison with industry benchmarks could provide additional insights into the company's financial performance and efficiency in utilizing working capital.