Corporate Financial Planning
Tech platform used to forecast financials
What is SAP Analytics Cloud (aka SAC)?
3-Year Strategic and Financial Plan
What is the LRP?
(LRP is refreshed annually across the enterprise to enable our strategic aspiration with key investment and financial planning)
% of time FP&A spends gathering & analyzing data in support of financial routines
45%; 25% on materials prep, 20% in meetings; 10% other
2024 Operating Cash Flow
What is ~$7.4B?
(Operating cash flow is calculated by taking Net Income, adding back non-cash expenses (ex- Depreciation) and considers changes in working capital accounts (ex- Inventory, Accounts Payable)
Longest tenured team member on CFPS
Who is Sarah Shibrowski?
Total enterprise financial projection of the next quarter.
What is Pre Quarter Forecast? (PQF)
Net Sales growth planned 2026-2028
What is $13B?
($13B growth at 4% CAGR positions TGT back to growth and market share gains)
A PowerPoint software extension that automates charting and layouts, provides quick access to high-quality slide assets, and allows connection to external data sources.
think-cell; FP&A recently invested in 50 annual licenses to drive efficiency across the team
Target's Credit Rating
What is Mid-A?
(Target is roughly a mid-A credit rating with slight differences across various agencies; Target's credit rating is determined by our Net Debt to EBITDAR ratio, roughly targeting a 1.8-2.0x to maintain the mid-A rating)
This store had the highest store fulfilled sales volume across the chain in FY2024
What is Edina (T-2313)?
(Edina delivered $155M in sales, over $22M higher than our second highest stores - Hilo, HI T-2682).
Year over year growth of same-store sales
What are comparable sales?
Partnership launched in 2025 across five stores
What is Warby Parker?
(Strategy Finance plays an integral part in partnering across Target to evaluate new business opportunities).
# of variable expense drivers that account for 60% of total SG&A
12; 12 drivers across 5 categories capture the most material volume-driven P&L lines
Consecutive years of dividend increase
What is 54?
(2025 is on track to be the 54th consecutive year in which Target has increased its annual dividend)
Weekly team connection + update moment celebrating all things going on across CFPS
What is the HAPPS?
(Each Friday a different TM leads the group chat in providing reminders, recognition and fun facts across the CFPS team).
Range of financial outcomes published to the investor community quarterly
What is quarterly earnings guidance?
Enterprise Efficiency value delivered since 2023
What is over $4B?
(Target has delivered over $4B in gross efficiencies across margin (shortage/EPP) and expense (Operational prod).
3 legged stool of FP&A Advance of Capabilities support includes CFP S&O, Reporting & Analytics COE and this third team outside of FP&A.
Finance Capabilities
Highest year for Share Repurchase $ spend
What is 2021?
(Target spent $7.4B on share repurchase in FY21)
January Week 1, 2021
What is $100B in sales?
(This is the fiscal week that Target crossed $100B in sales for the first time).
~$30B in Net Sales (total revenue)
What is Net Sales growth from 2019?
Percent of Net Sales in FY28 represented by Non-Merch Sales
What is ~3%?
(Non-merch revenue driven by Roundel, Target+, C360 membership and profit sharing).
% reduction in forecast routine time for the Stores Sales and Payroll team after the launch of SAC Dynamic Planning Model
50%; reduction will increase to 80% when transition to WFM in 2026.
Record highest month-end balance for domestic cash
What is $9.9B?
(Target had ~$9.9B as of month end December 2020 during the pandemic - December is typically our highest cash month following holiday)
Team that unilaterally won the 2025 FP&A Steps Challenge
What is CFPS ?
(With over 81K average steps per person and 2K steps ahead of second place).