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 April 30, 2005
Commission file number 1-6049
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Target Corporation |
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Exact name of registrant as specified in its charter) |
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Minnesota |
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41-0215170 |
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(State of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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1000 Nicollet Mall, Minneapolis, Minnesota |
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55403 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code |
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(612) 304-6073 |
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N/A |
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(Former name, former address and former fiscal year, if changed since last report.) |
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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 April 30, 2005 was 883,370,639.
TABLE OF CONTENTS
TARGET CORPORATION
PART I. FINANCIAL INFORMATION
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CONSOLIDATED RESULTS OF OPERATIONS |
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TARGET CORPORATION |
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(millions, except per share data) |
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Three Months Ended |
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April 30, |
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May 1, |
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(Unaudited) |
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2005 |
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2004 |
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Sales |
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$ |
11,171 |
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$ |
9,909 |
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Net credit revenues |
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306 |
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271 |
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Total revenues |
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11,477 |
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10,180 |
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Cost of sales |
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7,556 |
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6,769 |
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Selling, general and administrative expense |
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2,495 |
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2,172 |
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Credit expense |
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179 |
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174 |
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Depreciation and amortization |
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340 |
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292 |
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Earnings from continuing operations before interest expense and income taxes |
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907 |
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773 |
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Net interest expense |
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111 |
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143 |
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Earnings from continuing operations before income taxes |
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796 |
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630 |
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Provision for income taxes |
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302 |
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238 |
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Earnings from continuing operations |
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494 |
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392 |
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Earnings from discontinued operations, net of $25 tax |
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— |
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40 |
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Net earnings |
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$ |
494 |
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$ |
432 |
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Basic earnings per share |
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Continuing operations |
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$ |
.56 |
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$ |
.43 |
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Discontinued operations |
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— |
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.04 |
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Basic earnings per share |
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$ |
.56 |
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$ |
.47 |
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Diluted earnings per share |
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Continuing operations |
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$ |
.55 |
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$ |
.43 |
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Discontinued operations |
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— |
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.04 |
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Diluted earnings per share |
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$ |
.55 |
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$ |
.47 |
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Dividends declared per common share |
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$ |
.080 |
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$ |
.070 |
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Weighted average common shares outstanding: |
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Basic |
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887.0 |
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912.6 |
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Diluted |
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893.5 |
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921.4 |
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See accompanying Notes to Consolidated Financial Statements.
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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TARGET CORPORATION |
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April 30, |
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January 29, |
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May 1, |
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(millions) |
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2005 |
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2005* |
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2004 |
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(Unaudited) |
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(Unaudited) |
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Assets |
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Cash and cash equivalents |
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$ |
1,152 |
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$ |
2,245 |
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$ |
614 |
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Accounts receivable, net |
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4,857 |
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5,069 |
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4,340 |
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