Attached files
| file | filename |
|---|---|
| 8-K - 8-K - TARGET CORP | a13-9919_18k.htm |
Exhibit 99
Segment Results - Restated
Fourth Quarter Results - Year-to-Date
|
|
|
Twelve Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
71,960 |
|
$ |
— |
|
$ |
71,960 |
|
$ |
68,466 |
|
$ |
— |
|
$ |
68,466 |
|
$ |
65,786 |
|
$ |
— |
|
$ |
65,786 |
|
|
Cost of sales |
|
50,568 |
|
— |
|
50,568 |
|
47,860 |
|
— |
|
47,860 |
|
45,725 |
|
— |
|
45,725 |
| |||||||||
|
Selling, general and administrative expenses |
|
13,759 |
|
272 |
|
14,031 |
|
13,079 |
|
74 |
|
13,153 |
|
12,725 |
|
— |
|
12,725 |
| |||||||||
|
Depreciation and amortization |
|
2,044 |
|
97 |
|
2,142 |
|
2,084 |
|
48 |
|
2,131 |
|
2,084 |
|
— |
|
2,084 |
| |||||||||
|
Segment profit (b) |
|
$ |
5,589 |
|
$ |
(369 |
) |
$ |
5,219 |
|
$ |
5,443 |
|
$ |
(122 |
) |
$ |
5,322 |
|
$ |
5,252 |
|
$ |
— |
|
$ |
5,252 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
762 |
|
|
|
|
|
866 |
|
|
|
|
|
757 |
| |||||||||
|
Adjustment related to receivables held for sale (b)(c) |
|
|
|
|
|
(152 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
4,609 |
|
|
|
|
|
$ |
4,456 |
|
|
|
|
|
$ |
4,495 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) 2012 consisted of 53 weeks compared with 52 weeks in the comparable prior-year periods.
(b) The combination of segment profit and the adjustment related to receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
(c) Represents the gain on receivables held for sale recorded in our Consolidated Statements of Operations, plus the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
|
Reconciliation to the Consolidated Statements of Operations |
|
Twelve Months Ended |
| |||||||
|
(millions) |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
14,031 |
|
$ |
13,153 |
|
$ |
12,725 |
|
|
Credit card revenues |
|
1,341 |
|
1,399 |
|
1,604 |
| |||
|
Credit card expenses (d) |
|
(458 |
) |
(446 |
) |
(860 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
14,914 |
|
$ |
14,106 |
|
$ |
13,469 |
|
(d) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges. The difference between the amount reported above for the twelve months ended February 2, 2013 and the amount reported in our Consolidated Statements of Operations represents the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
Segment Results - Restated
Fourth Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
22,370 |
|
$ |
— |
|
$ |
22,370 |
|
$ |
20,937 |
|
$ |
— |
|
$ |
20,937 |
|
$ |
20,277 |
|
$ |
— |
|
$ |
20,277 |
|
|
Cost of sales |
|
16,160 |
|
— |
|
16,160 |
|
14,986 |
|
— |
|
14,986 |
|
14,458 |
|
— |
|
14,458 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,881 |
|
118 |
|
3,999 |
|
3,667 |
|
20 |
|
3,687 |
|
3,503 |
|
— |
|
3,503 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
30 |
|
539 |
|
544 |
|
20 |
|
564 |
|
538 |
|
— |
|
538 |
| |||||||||
|
Segment profit (b) |
|
$ |
1,821 |
|
$ |
(148 |
) |
$ |
1,672 |
|
$ |
1,740 |
|
$ |
(40 |
) |
$ |
1,700 |
|
$ |
1,778 |
|
$ |
— |
|
$ |
1,778 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
204 |
|
|
|
|
|
292 |
|
|
|
|
|
190 |
| |||||||||
|
Adjustment related to receivables held for sale (b)(c) |
|
|
|
|
|
4 |
|
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,464 |
|
|
|
|
|
$ |
1,408 |
|
|
|
|
|
$ |
1,588 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The fourth quarter of 2012 consisted of 14 weeks compared with 13 weeks in the comparable prior-year periods.
(b) The combination of segment profit and the adjustment related to receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
(c) Represents the gain on receivables held for sale recorded in our Consolidated Statements of Operations, plus the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,999 |
|
$ |
3,687 |
|
$ |
3,503 |
|
|
Credit card revenues |
|
356 |
|
351 |
|
384 |
| |||
|
Credit card expenses (d) |
|
(126 |
) |
(162 |
) |
(167 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
4,229 |
|
$ |
3,876 |
|
$ |
3,720 |
|
(d) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges. The difference between the amount reported above for the three months ended February 2, 2013 and the amount reported in our Consolidated Statements of Operations represents the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
Segment Results - Restated
Third Quarter Results - Year-to-Date
|
|
|
Nine Months Ended | ||||||||||||||||||||||||||
|
Business Segment Results |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
49,589 |
|
$ |
— |
|
$ |
49,589 |
|
$ |
47,529 |
|
$ |
— |
|
$ |
47,529 |
|
$ |
45,509 |
|
$ |
— |
|
$ |
45,509 |
|
|
Cost of sales |
|
34,406 |
|
— |
|
34,406 |
|
32,874 |
|
— |
|
32,874 |
|
31,267 |
|
— |
|
31,267 |
| |||||||||
|
Selling, general and administrative expenses |
|
9,879 |
|
154 |
|
10,033 |
|
9,412 |
|
53 |
|
9,465 |
|
9,222 |
|
— |
|
9,222 |
| |||||||||
|
Depreciation and amortization |
|
1,537 |
|
67 |
|
1,603 |
|
1,540 |
|
28 |
|
1,568 |
|
1,545 |
|
— |
|
1,545 |
| |||||||||
|
Segment profit (a) |
|
$ |
3,767 |
|
$ |
(221 |
) |
$ |
3,547 |
|
$ |
3,703 |
|
$ |
(81 |
) |
$ |
3,622 |
|
$ |
3,475 |
|
$ |
— |
|
$ |
3,475 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
558 |
|
|
|
|
|
574 |
|
|
|
|
|
567 |
| |||||||||
|
Gain on receivables held for sale (a) |
|
|
|
|
|
(156 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
3,145 |
|
|
|
|
|
$ |
3,048 |
|
|
|
|
|
$ |
2,908 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The combination of segment profit and the gain on receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
|
Reconciliation to the Consolidated Statements of Operations |
|
Nine Months Ended |
| |||||||
|
(millions) |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
10,033 |
|
$ |
9,465 |
|
$ |
9,222 |
|
|
Credit card revenues |
|
986 |
|
1,048 |
|
1,220 |
| |||
|
Credit card expenses (b) |
|
(333 |
) |
(283 |
) |
(693 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
10,686 |
|
$ |
10,230 |
|
$ |
9,749 |
|
(b) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Third Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,601 |
|
$ |
— |
|
$ |
16,601 |
|
$ |
16,054 |
|
$ |
— |
|
$ |
16,054 |
|
$ |
15,226 |
|
$ |
— |
|
$ |
15,226 |
|
|
Cost of sales |
|
11,569 |
|
— |
|
11,569 |
|
11,165 |
|
— |
|
11,165 |
|
10,562 |
|
— |
|
10,562 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,409 |
|
72 |
|
3,482 |
|
3,268 |
|
18 |
|
3,286 |
|
3,164 |
|
— |
|
3,164 |
| |||||||||
|
Depreciation and amortization |
|
519 |
|
24 |
|
542 |
|
529 |
|
17 |
|
546 |
|
533 |
|
— |
|
533 |
| |||||||||
|
Segment profit (a) |
|
$ |
1,104 |
|
$ |
(96 |
) |
$ |
1,008 |
|
$ |
1,092 |
|
$ |
(35 |
) |
$ |
1,057 |
|
$ |
967 |
|
$ |
— |
|
$ |
967 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
192 |
|
|
|
|
|
200 |
|
|
|
|
|
194 |
| |||||||||
|
Gain on receivables held for sale (a) |
|
|
|
|
|
(156 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
972 |
|
|
|
|
|
$ |
857 |
|
|
|
|
|
$ |
773 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The combination of segment profit and the gain on receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,482 |
|
$ |
3,286 |
|
$ |
3,164 |
|
|
Credit card revenues |
|
328 |
|
348 |
|
379 |
| |||
|
Credit card expenses (b) |
|
(106 |
) |
(109 |
) |
(198 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,704 |
|
$ |
3,525 |
|
$ |
3,345 |
|
(b) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Second Quarter Results - Year-to-Date
|
|
|
Six Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
32,989 |
|
$ |
— |
|
$ |
32,989 |
|
$ |
31,475 |
|
$ |
— |
|
$ |
31,475 |
|
$ |
30,283 |
|
$ |
— |
|
$ |
30,283 |
|
|
Cost of sales |
|
22,838 |
|
— |
|
22,838 |
|
21,710 |
|
— |
|
21,710 |
|
20,705 |
|
— |
|
20,705 |
| |||||||||
|
Selling, general and administrative expenses |
|
6,471 |
|
81 |
|
6,552 |
|
6,143 |
|
36 |
|
6,179 |
|
6,058 |
|
— |
|
6,058 |
| |||||||||
|
Depreciation and amortization |
|
1,016 |
|
44 |
|
1,060 |
|
1,011 |
|
11 |
|
1,022 |
|
1,012 |
|
— |
|
1,012 |
| |||||||||
|
Segment profit |
|
$ |
2,664 |
|
$ |
(125 |
) |
$ |
2,539 |
|
$ |
2,611 |
|
$ |
(47 |
) |
$ |
2,564 |
|
$ |
2,508 |
|
$ |
— |
|
$ |
2,508 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
366 |
|
|
|
|
|
374 |
|
|
|
|
|
373 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
2,173 |
|
|
|
|
|
$ |
2,190 |
|
|
|
|
|
$ |
2,135 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Six Months Ended |
| |||||||
|
(millions) |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
6,552 |
|
$ |
6,179 |
|
$ |
6,058 |
|
|
Credit card revenues |
|
657 |
|
700 |
|
841 |
| |||
|
Credit card expenses (a) |
|
(228 |
) |
(174 |
) |
(494 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
6,981 |
|
$ |
6,705 |
|
$ |
6,405 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Second Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,451 |
|
$ |
— |
|
$ |
16,451 |
|
$ |
15,895 |
|
$ |
— |
|
$ |
15,895 |
|
$ |
15,126 |
|
$ |
— |
|
$ |
15,126 |
|
|
Cost of sales |
|
11,297 |
|
— |
|
11,297 |
|
10,872 |
|
— |
|
10,872 |
|
10,293 |
|
— |
|
10,293 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,322 |
|
47 |
|
3,368 |
|
3,189 |
|
25 |
|
3,214 |
|
3,071 |
|
— |
|
3,071 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
22 |
|
531 |
|
498 |
|
11 |
|
509 |
|
496 |
|
— |
|
496 |
| |||||||||
|
Segment profit |
|
$ |
1,324 |
|
$ |
(69 |
) |
$ |
1,255 |
|
$ |
1,336 |
|
$ |
(36 |
) |
$ |
1,300 |
|
$ |
1,266 |
|
$ |
— |
|
$ |
1,266 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
184 |
|
|
|
|
|
191 |
|
|
|
|
|
185 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,071 |
|
|
|
|
|
$ |
1,109 |
|
|
|
|
|
$ |
1,081 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,368 |
|
$ |
3,214 |
|
$ |
3,071 |
|
|
Credit card revenues |
|
328 |
|
345 |
|
406 |
| |||
|
Credit card expenses (a) |
|
(108 |
) |
(86 |
) |
(214 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,588 |
|
$ |
3,473 |
|
$ |
3,263 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
First Quarter Results
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
April 28, 2012 |
|
April 30, 2011 |
|
May 1, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,537 |
|
$ |
— |
|
$ |
16,537 |
|
$ |
15,580 |
|
$ |
— |
|
$ |
15,580 |
|
$ |
15,158 |
|
$ |
— |
|
$ |
15,158 |
|
|
Cost of sales |
|
11,541 |
|
— |
|
11,541 |
|
10,838 |
|
— |
|
10,838 |
|
10,412 |
|
— |
|
10,412 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,148 |
|
34 |
|
3,182 |
|
2,955 |
|
11 |
|
2,966 |
|
2,988 |
|
— |
|
2,988 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
21 |
|
529 |
|
512 |
|
— |
|
512 |
|
516 |
|
— |
|
516 |
| |||||||||
|
Segment profit |
|
$ |
1,340 |
|
$ |
(55 |
) |
$ |
1,285 |
|
$ |
1,275 |
|
$ |
(11 |
) |
$ |
1,264 |
|
$ |
1,242 |
|
$ |
— |
|
$ |
1,242 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
184 |
|
|
|
|
|
183 |
|
|
|
|
|
187 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,101 |
|
|
|
|
|
$ |
1,081 |
|
|
|
|
|
$ |
1,055 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
April 28, 2012 |
|
April 30, 2011 |
|
May 1, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,182 |
|
$ |
2,966 |
|
$ |
2,988 |
|
|
Credit card revenues |
|
330 |
|
355 |
|
435 |
| |||
|
Credit card expenses (a) |
|
(120 |
) |
(88 |
) |
(280 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,392 |
|
$ |
3,233 |
|
$ |
3,143 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.