Target Reports Fourth Quarter and Fiscal 2012 Earnings

TARGET CORPORATION
Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
February 2, January 28, February 2, January 28,
(millions, except per share data) (unaudited) 2013 2012 Change 2013 2012 Change
Sales $ 22,370 $ 20,937 6.8 % $ 71,960 $ 68,466 5.1 %
Credit card revenues 356
351 1.8
1,341 1,399 (4.1)
Total revenues 22,726 21,288 6.8
73,301 69,865 4.9
Cost of sales 16,160 14,986 7.8
50,568 47,860 5.7
Selling, general and administrative expenses 4,229 3,876 9.1
14,914 14,106 5.7
Credit card expenses 135
162 (16.5)
467
446 5.1
Depreciation and amortization 539
564 (4.4)
2,142 2,131 0.5
Gain on receivables held for sale (5) - n/a (161) - n/a
Earnings before interest expense and income taxes 1,668 1,700 (1.9)
5,371 5,322 0.9
Net interest expense 204
292 (30.2)
762
866 (12.0)
Earnings before income taxes 1,464 1,408 4.0
4,609 4,456 3.4
Provision for income taxes 503
427 17.8
1,610 1,527 5.4
Net earnings $ 961 $ 981 (2.0) % $ 2,999 $ 2,929 2.4 %
Basic earnings per share $ 1.48 $ 1.46 1.2 % $ 4.57 $ 4.31 5.9 %
Diluted earnings per share
Weighted average common shares outstanding
$ 1.47 $ 1.45 0.9 % $ 4.52 $ 4.28 5.6 %
Basic 648.8 669.7 (3.1) % 656.7 679.1 (3.3) %
Diluted 655.8 675.0 (2.8) % 663.3 683.9 (3.0) %
Note: The three and twelve months ended February 2, 2013 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the
comparable prior-year periods.
Subject to reclassification
CONFIDENTIAL
Draft - 5
2/21/13 8:07 AM