Target 2012 Annual Report Download - page 80

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30. Quarterly Results (Unaudited)
Due to the seasonal nature of our business, fourth quarter operating results typically represent a substantially larger
share of total year revenues and earnings because they include our peak sales period from Thanksgiving through
the end of December. We follow the same accounting policies for preparing quarterly and annual financial data. The
table below summarizes quarterly results for 2012 and 2011:
First Quarter Second Quarter Third Quarter Fourth Quarter Total YearQuarterly Results
(millions, except per share data) 2012 2011 2012 2011 2012 2011 2012 (a) 2011 2012 (a) 2011
Sales $16,537 $15,580 $16,451 $15,895 $16,601 $16,054 $ 22,370 $20,937 $ 71,960 $68,466
Credit card revenues 330 355 328 345 328 348 356 351 1,341 1,399
Total revenues 16,867 15,935 16,779 16,240 16,929 16,402 22,726 21,288 73,301 69,865
Cost of sales 11,541 10,838 11,297 10,872 11,569 11,165 16,160 14,986 50,568 47,860
Selling, general and administrative
expenses 3,392 3,233 3,588 3,473 3,704 3,525 4,229 3,876 14,914 14,106
Credit card expenses 120 88 108 86 106 109 135 162 467 446
Depreciation and amortization 529 512 531 509 542 546 539 564 2,142 2,131
Gain on receivables held for sale ————(156) —(5) —(161) —
Earnings before interest expense and
income taxes 1,285 1,264 1,255 1,300 1,164 1,057 1,668 1,700 5,371 5,322
Net interest expense 184 183 184 191 192 200 204 292 762 866
Earnings before income taxes 1,101 1,081 1,071 1,109 972 857 1,464 1,408 4,609 4,456
Provision for income taxes 404 392 367 405 335 302 503 427 1,610 1,527
Net earnings $ 697 $ 689 $ 704 $ 704 $ 637 $ 555 $ 961 $ 981 $ 2,999 $ 2,929
Basic earnings per share $ 1.05 $ 0.99 $ 1.07 $ 1.03 $ 0.97 $ 0.82 $ 1.48 $ 1.46 $ 4.57 $ 4.31
Diluted earnings per share 1.04 0.99 1.06 1.03 0.96 0.82 1.47 1.45 4.52 4.28
Dividends declared per share 0.30 0.25 0.36 0.30 0.36 0.30 0.36 0.30 1.38 1.15
Closing common stock price:
High 58.86 55.39 61.95 51.81 65.44 55.56 64.48 54.75 65.44 55.56
Low 50.33 49.10 54.81 46.33 60.62 46.44 58.57 48.51 50.33 46.33
Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year
amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to
rounding.
(a) The fourth quarter and total year 2012 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the
comparable prior-year periods.
First Quarter Second Quarter Third Quarter Fourth Quarter Total YearSales by Product Category (a)
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Household essentials 26% 26% 27% 26% 26% 26% 21% 21% 25% 25%
Hardlines 16 17 15 16 14 15 24 26 18 19
Apparel and accessories 20 20 20 21 20 20 18 18 19 19
Food and pet supplies 21 20 20 18 21 20 18 17 20 19
Home furnishings and d´
ecor 17 17 18 19 19 19 19 18 18 18
Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
(a) As a percentage of sales.
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