Target : ROIC from Continuing Operations

after-tax return on invested capital from continuing operations (ROIC) (a) (b)

trailing four quarters

Title 20.0%

18.0% 16.0% 14.0% 12.0% 10.0%

1Q

2016

2Q 2017(c)

2018(c)

3Q 2019(c)

4Q

2020

ROIC (a) (b)

ROIC excluding discrete impacts of the Tax Cuts and Jobs Act

Fiscal Year	1Q	2Q	3Q	Fiscal Year	1Q	2Q	3Q	4Q
2020	13.4 %	17.2 %	19.9 %	23.5 %	2020	13.4 %	17.2 %	19.9 %	23.5 %
2019 (c)	14.3 %	15.2 %	15.0 %	16.0 %	2019 (c)	14.1 %	15.0 %	15.1 %	16.0 %
2018 (c)	15.2 %	16.0 %	15.8 %	14.7 %	2018 (c)	13.5 %	14.2 %	13.9 %	14.6 %
2017 (c)	13.8 %	13.5 %	13.4 %	15.4 %	2017 (c)	13.6 %
2016	14.8 %

4Q

(a) In January 2015, following a comprehensive assessment of Canadian operations, Target's Board of Directors approved a plan to discontinue operating stores in Canada. ROIC figures presented exclude discontinued operations.

(b) ROIC is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe ROIC is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies. (c) The trailing 12 months ended November 3, 2018, August 4, 2018, May 5, 2018 and February 3, 2018 consisted of 53 weeks compared with 52 weeks in the comparable periods presented.

Last Updated: 3/2/2021