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