Target said it will continue to hold off on stock buybacks in the 'near term,' until cash generation improves.
Target Corp. said Tuesday it will continue to hold off on share repurchases until cash generation increases to a pace that is consistent with the retailer’s goal of maintaining a strong credit rating.
In... Target Corp. said Tuesday it will continue to hold off on share repurchases until cash generation increases to a pace that is consistent with the retailer’s goal of maintaining a strong credit rating. In the retailer’s conference call with analysts, which followed the release of fiscal fourth-quarter results, Chief Financial Officer Michael Fiddelke said that in 2022, Target’s business was “a net user of cash for the first time in many years,” due to factors including “unexpectedly low profitability,” higher-than-expected capital expenditures and a “rapid slowdown” in inventory turns.
“Over time, as our cash flow recovers and debt metrics improve, we expect share repurchases will play a meaningful role within our broader long-term capital [requirements],” Fiddelke said, according to a transcript provided by FactSet. “But as always, those repurchases will only occur after we [have] fully invested in our business and supported our team, after we’ve supported our dividend goals, and within limits of our middle A ratings.
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