Target Corporation Provides Historical Consolidated Results of Operations in
New Format
MINNEAPOLIS, Feb. 29 /PRNewswire/ -- Beginning with its fourth quarter and fiscal 1999 earnings results, released today, Target Corporation (NYSE: TGT) has revised the presentation of its Consolidated Results of Operations. None of the revisions impact the company's net earnings or earnings per share in any period presented. Changes include:
- Presentation of sales and net credit revenues;
- Reclassification of leased sales amounts, in accordance with new
revenue recognition accounting guidelines;
- Reclassification of buying and occupancy costs to SG&A; and
- Reclassification of "taxes other than income taxes" to SG&A.
To provide historical perspective for this new format, the company is providing results for five prior years, including quarterly results and sales by division for 1999 and 1998, in the tables that follow.
TARGET CORPORATION
CONSOLIDATED RESULTS OF OPERATIONS
Fiscal Year Ended
(Millions) 1999 1998 1997 1996 1995 1994
Sales $33,212 $30,203 $27,019 $24,744 $22,940 $20,843
Net credit
revenues 490 459 468 348 294 250
Total revenues 33,702 30,662 27,487 25,092 23,234 21,093
Cost of sales 23,029 21,085 18,944 17,350 16,283 14,524
Selling, general
and administrative
expense 7,490 6,843 6,108 5,733 5,414 4,881
Depreciation and
amortization 854 780 693 650 594 548
Interest expense 393 398 416 442 442 426
Real estate
repositioning
charge -- -- -- 134 -- --
Earnings before
income taxes and
extraordinary
charges 1,936 1,556 1,326 783 501 714
Provision for
income taxes 751 594 524 309 190 280
Net earnings before
extraordinary
charges 1,185 962 802 474 311 434
Extraordinary
charges from
purchase and
redemption of
debt, net of tax 41 27 51 11 -- --
Net earnings $1,144 $935 $751 $463 $311 $434
TARGET CORPORATION
CONSOLIDATED RESULTS OF OPERATIONS
1999
Total
(Millions) Q1 Q2 Q3 Q4 Year 1999
Sales $7,033 $7,569 $7,806 $10,804 $33,212
Net credit
revenues 125 118 121 126 490
Total
revenues 7,158 7,687 7,927 10,930 33,702
Cost of sales 4,851 5,193 5,365 7,620 23,029
Selling, general
& administrative
expense 1,690 1,810 1,855 2,135 7,490
Depreciation and
amortization 206 212 213 223 854
Interest expense 94 98 102 99 393
Earnings before
income taxes and
extraordinary
charges 317 374 392 853 1,936
Provision for
income taxes 123 146 151 331 751
Net earnings before
extraordinary
charges 194 228 241 522 1,185
Extraordinary
charges from
purchase and
redemption of
debt, net of tax -- 4 9 28 41
Net earnings $194 $224 $232 $494 $1,144
1998
Total
(Millions) Q1 Q2 Q3 Q4 Year 1998
Sales $6,290 $6,873 $7,105 $9,935 $30,203
Net credit
revenues 112 114 113 120 459
Total
revenues 6,402 6,987 7,218 10,055 30,662
Cost of sales 4,366 4,776 4,933 7,010 21,085
Selling, general
& administrative
expense 1,491 1,633 1,679 2,040 6,843
Depreciation and
amortization 184 193 200 203 780
Interest expense 96 101 104 97 398
Earnings before
income taxes and
extraordinary
charges 265 284 302 705 1,556
Provision for
income taxes 105 112 119 258 594
Net earnings before
extraordinary
charges 160 172 183 447 962
Extraordinary
charges from
purchase and
redemption of
debt, net of tax 2 -- 1 24 27
Net earnings $158 $172 $182 $423 $935
TARGET CORPORATION
SALES BY DIVISION
1999
Total
(Millions) Q1 Q2 Q3 Q4 Year 1999
Target $5,425 $5,898 $6,024 $8,500 $25,847
Mervyn's 870 912 927 1,235 3,944
Department Stores 668 661 733 910 2,972
Other 70 98 122 159 449
TOTAL $7,033 $7,569 $7,806 $10,804 $33,212
1998
Total
Q1 Q2 Q3 Q4 Year 1998
Target $4,749 $5,235 $5,300 $7,537 $22,821
Mervyn's 843 890 952 1,301 3,986
Department Stores 653 653 733 921 2,960
Other 45 95 120 176 436
TOTAL $6,290 $6,873 $7,105 $9,935 $30,203
SOURCE Target Corporation
CONTACT: Media, Susan Eich, 612-304-0700; or Investors, Susan Kahn,
612-370-6735, both of Target Corporation/
