TARGET CORP - 10-Q Quarterly Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended July 31, 2004

Commission file number 1-6049

Target Corporation
(Exact name of registrant as specified in its charter)


Minnesota			41-0215170
(State of incorporation or organization)			(I.R.S. Employer Identification No.)


1000 Nicollet Mall, Minneapolis, Minnesota			55403
(Address of principal executive offices)			(Zip Code)


Registrant’s telephone number, including area code			(612) 304-6073


N/A
(Former name, former address and former fiscal year, if changed since last report.)

The registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, (2) has been subject to such filing requirements for the past 90 days, and (3) is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

The number of shares outstanding of common stock as of July 31, 2004 was 903,334,589.

TABLE OF CONTENTS

TARGET CORPORATION

PART I	FINANCIAL INFORMATION:

	Item 1 – Financial Statements

	Consolidated Results of Operations for the Three Months, Six Months and Twelve Months ended July 31, 2004 and August 2, 2003

	Consolidated Statements of Financial Position at July 31, 2004, January 31, 2004 and August 2, 2003

	Consolidated Statements of Cash Flows for the Six Months ended July 31, 2004 and August 2, 2003

	Notes to Consolidated Financial Statements

	Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Item 4 – Controls and Procedures


PART II	OTHER INFORMATION:

	Item 2 – Changes in Securities, Use of Proceeds and Issuer Purchases of Equity Securities

	Item 6 – Exhibits and Reports on Form 8-K

	Signature

	Exhibit Index

PART I. FINANCIAL INFORMATION

CONSOLIDATED RESULTS OF OPERATIONS	TARGET CORPORATION
(millions, except per share data)
	Three Months Ended				Six Months Ended				Twelve Months Ended
(Unaudited)	July 31, 2004		August 2, 2003		July 31, 2004		August 2, 2003		July 31, 2004		August 2, 2003
Sales	$	10,277	$	9,324	$	20,186	$	17,987	$	43,127	$	38,189
Net credit revenues	279		270		550		535		1,112		1,044
Total revenues	10,556		9,594		20,736		18,522		44,239		39,233
Cost of sales	7,009		6,450		13,778		12,407		29,760		26,626
Selling, general and administrative expense	2,280		2,010		4,442		3,887		9,160		7,895
Credit expense	173		175		347		350		720		706
Depreciation and amortization	299		274		591		535		1,154		1,036
Earnings from continuing operations before interest expense and income taxes	795		685		1,578		1,343		3,445		2,970
Interest expense	207		154		350		296		610		592
Earnings from continuing operations before income taxes	588		531		1,228		1,047		2,835		2,378
Provision for income taxes	222		202		464		398		1,079		911
Earnings from continuing operations	366		329		764		649		1,756		1,467
Earnings from discontinued operations, net of $19, $18, $44, $36, $114 and $119 tax	31		29		71		58		213		205
Gain on disposal of discontinued operations, net of $650 tax	1,019		—		1,019		—		1,019		—
Net earnings	$	1,416	$	358	$	1,854	$	707	$	2,988	$	1,672

Basic earnings per share