UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 16, 2013
Target Corporation
(Exact name of registrant as specified in its charter)
|
Minnesota |
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1-6049 |
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41-0215170 |
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(State or other jurisdiction of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer Identification No.) |
1000 Nicollet Mall, Minneapolis, Minnesota 55403
(Address of principal executive offices, including zip code)
(612) 304-6073
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
As previously disclosed, beginning with the Form 10-Q for the first quarter of fiscal 2013 ending May 4, 2013, Target Corporation will no longer report a U.S. Credit Card Segment and will report two segments (U.S. and Canadian). Income from the profit-sharing arrangement with TD Bank USA, N.A., an affiliate of The Toronto-Dominion Bank (“TD”), net of account servicing expenses, will be recognized in the U.S. Segment within selling, general & administrative expenses (“SG&A”). As a result, historical credit card revenues, net of credit card expenses, from the U.S. Credit Card Segment will be reclassified as an offset to SG&A for the U.S. Segment in order to reflect the historical performance of the new U.S. Segment.
Quarterly and full-year historical information for the three most recently completed fiscal years reflecting the impact of the reclassification and results for our two segments, U.S. and Canadian, are attached hereto as Exhibit (99).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
(99) Historical information for fiscal 2010, 2011 and 2012 presented in a format consistent with Target Corporation’s current U.S. Segment and Canadian Segment format, reflecting the impact of the reclassification of credit card revenues, net of credit card expenses, from the U.S. Credit Card Segment as an offset to SG&A in the U.S. Segment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TARGET CORPORATION |
|
|
|
|
|
|
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Date: April 16, 2013 |
/s/ John J. Mulligan |
|
|
John J. Mulligan |
|
|
Executive Vice President and Chief Financial Officer |
EXHIBIT INDEX
|
Exhibit |
|
Description |
|
Method |
|
|
|
|
|
|
|
(99) |
|
Historical information for fiscal 2010, 2011 and 2012 presented in a format consistent with Target Corporation’s current U.S. Segment and Canadian Segment format, reflecting the impact of the reclassification of credit card revenues, net of credit card expenses, from the U.S. Credit Card Segment as an offset to SG&A in the U.S. Segment. |
|
Filed Electronically |
Exhibit 99
Segment Results - Restated
Fourth Quarter Results - Year-to-Date
|
|
|
Twelve Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
71,960 |
|
$ |
— |
|
$ |
71,960 |
|
$ |
68,466 |
|
$ |
— |
|
$ |
68,466 |
|
$ |
65,786 |
|
$ |
— |
|
$ |
65,786 |
|
|
Cost of sales |
|
50,568 |
|
— |
|
50,568 |
|
47,860 |
|
— |
|
47,860 |
|
45,725 |
|
— |
|
45,725 |
| |||||||||
|
Selling, general and administrative expenses |
|
13,759 |
|
272 |
|
14,031 |
|
13,079 |
|
74 |
|
13,153 |
|
12,725 |
|
— |
|
12,725 |
| |||||||||
|
Depreciation and amortization |
|
2,044 |
|
97 |
|
2,142 |
|
2,084 |
|
48 |
|
2,131 |
|
2,084 |
|
— |
|
2,084 |
| |||||||||
|
Segment profit (b) |
|
$ |
5,589 |
|
$ |
(369 |
) |
$ |
5,219 |
|
$ |
5,443 |
|
$ |
(122 |
) |
$ |
5,322 |
|
$ |
5,252 |
|
$ |
— |
|
$ |
5,252 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
762 |
|
|
|
|
|
866 |
|
|
|
|
|
757 |
| |||||||||
|
Adjustment related to receivables held for sale (b)(c) |
|
|
|
|
|
(152 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
4,609 |
|
|
|
|
|
$ |
4,456 |
|
|
|
|
|
$ |
4,495 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) 2012 consisted of 53 weeks compared with 52 weeks in the comparable prior-year periods.
(b) The combination of segment profit and the adjustment related to receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
(c) Represents the gain on receivables held for sale recorded in our Consolidated Statements of Operations, plus the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
|
Reconciliation to the Consolidated Statements of Operations |
|
Twelve Months Ended |
| |||||||
|
(millions) |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
14,031 |
|
$ |
13,153 |
|
$ |
12,725 |
|
|
Credit card revenues |
|
1,341 |
|
1,399 |
|
1,604 |
| |||
|
Credit card expenses (d) |
|
(458 |
) |
(446 |
) |
(860 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
14,914 |
|
$ |
14,106 |
|
$ |
13,469 |
|
(d) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges. The difference between the amount reported above for the twelve months ended February 2, 2013 and the amount reported in our Consolidated Statements of Operations represents the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
Segment Results - Restated
Fourth Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
22,370 |
|
$ |
— |
|
$ |
22,370 |
|
$ |
20,937 |
|
$ |
— |
|
$ |
20,937 |
|
$ |
20,277 |
|
$ |
— |
|
$ |
20,277 |
|
|
Cost of sales |
|
16,160 |
|
— |
|
16,160 |
|
14,986 |
|
— |
|
14,986 |
|
14,458 |
|
— |
|
14,458 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,881 |
|
118 |
|
3,999 |
|
3,667 |
|
20 |
|
3,687 |
|
3,503 |
|
— |
|
3,503 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
30 |
|
539 |
|
544 |
|
20 |
|
564 |
|
538 |
|
— |
|
538 |
| |||||||||
|
Segment profit (b) |
|
$ |
1,821 |
|
$ |
(148 |
) |
$ |
1,672 |
|
$ |
1,740 |
|
$ |
(40 |
) |
$ |
1,700 |
|
$ |
1,778 |
|
$ |
— |
|
$ |
1,778 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
204 |
|
|
|
|
|
292 |
|
|
|
|
|
190 |
| |||||||||
|
Adjustment related to receivables held for sale (b)(c) |
|
|
|
|
|
4 |
|
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,464 |
|
|
|
|
|
$ |
1,408 |
|
|
|
|
|
$ |
1,588 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The fourth quarter of 2012 consisted of 14 weeks compared with 13 weeks in the comparable prior-year periods.
(b) The combination of segment profit and the adjustment related to receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
(c) Represents the gain on receivables held for sale recorded in our Consolidated Statements of Operations, plus the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
February 2, 2013 (a) |
|
January 28, 2012 |
|
January 29, 2011 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,999 |
|
$ |
3,687 |
|
$ |
3,503 |
|
|
Credit card revenues |
|
356 |
|
351 |
|
384 |
| |||
|
Credit card expenses (d) |
|
(126 |
) |
(162 |
) |
(167 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
4,229 |
|
$ |
3,876 |
|
$ |
3,720 |
|
(d) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges. The difference between the amount reported above for the three months ended February 2, 2013 and the amount reported in our Consolidated Statements of Operations represents the difference between U.S. Credit Card Segment bad debt expense and net write-offs for the fourth quarter of 2012.
Segment Results - Restated
Third Quarter Results - Year-to-Date
|
|
|
Nine Months Ended | ||||||||||||||||||||||||||
|
Business Segment Results |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
49,589 |
|
$ |
— |
|
$ |
49,589 |
|
$ |
47,529 |
|
$ |
— |
|
$ |
47,529 |
|
$ |
45,509 |
|
$ |
— |
|
$ |
45,509 |
|
|
Cost of sales |
|
34,406 |
|
— |
|
34,406 |
|
32,874 |
|
— |
|
32,874 |
|
31,267 |
|
— |
|
31,267 |
| |||||||||
|
Selling, general and administrative expenses |
|
9,879 |
|
154 |
|
10,033 |
|
9,412 |
|
53 |
|
9,465 |
|
9,222 |
|
— |
|
9,222 |
| |||||||||
|
Depreciation and amortization |
|
1,537 |
|
67 |
|
1,603 |
|
1,540 |
|
28 |
|
1,568 |
|
1,545 |
|
— |
|
1,545 |
| |||||||||
|
Segment profit (a) |
|
$ |
3,767 |
|
$ |
(221 |
) |
$ |
3,547 |
|
$ |
3,703 |
|
$ |
(81 |
) |
$ |
3,622 |
|
$ |
3,475 |
|
$ |
— |
|
$ |
3,475 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
558 |
|
|
|
|
|
574 |
|
|
|
|
|
567 |
| |||||||||
|
Gain on receivables held for sale (a) |
|
|
|
|
|
(156 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
3,145 |
|
|
|
|
|
$ |
3,048 |
|
|
|
|
|
$ |
2,908 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The combination of segment profit and the gain on receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
|
Reconciliation to the Consolidated Statements of Operations |
|
Nine Months Ended |
| |||||||
|
(millions) |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
10,033 |
|
$ |
9,465 |
|
$ |
9,222 |
|
|
Credit card revenues |
|
986 |
|
1,048 |
|
1,220 |
| |||
|
Credit card expenses (b) |
|
(333 |
) |
(283 |
) |
(693 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
10,686 |
|
$ |
10,230 |
|
$ |
9,749 |
|
(b) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Third Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,601 |
|
$ |
— |
|
$ |
16,601 |
|
$ |
16,054 |
|
$ |
— |
|
$ |
16,054 |
|
$ |
15,226 |
|
$ |
— |
|
$ |
15,226 |
|
|
Cost of sales |
|
11,569 |
|
— |
|
11,569 |
|
11,165 |
|
— |
|
11,165 |
|
10,562 |
|
— |
|
10,562 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,409 |
|
72 |
|
3,482 |
|
3,268 |
|
18 |
|
3,286 |
|
3,164 |
|
— |
|
3,164 |
| |||||||||
|
Depreciation and amortization |
|
519 |
|
24 |
|
542 |
|
529 |
|
17 |
|
546 |
|
533 |
|
— |
|
533 |
| |||||||||
|
Segment profit (a) |
|
$ |
1,104 |
|
$ |
(96 |
) |
$ |
1,008 |
|
$ |
1,092 |
|
$ |
(35 |
) |
$ |
1,057 |
|
$ |
967 |
|
$ |
— |
|
$ |
967 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
192 |
|
|
|
|
|
200 |
|
|
|
|
|
194 |
| |||||||||
|
Gain on receivables held for sale (a) |
|
|
|
|
|
(156 |
) |
|
|
|
|
— |
|
|
|
|
|
— |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
972 |
|
|
|
|
|
$ |
857 |
|
|
|
|
|
$ |
773 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
(a) The combination of segment profit and the gain on receivables held for sale represents earnings before interest expense and income taxes on the Consolidated Statements of Operations.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
October 27, 2012 |
|
October 29, 2011 |
|
October 30, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,482 |
|
$ |
3,286 |
|
$ |
3,164 |
|
|
Credit card revenues |
|
328 |
|
348 |
|
379 |
| |||
|
Credit card expenses (b) |
|
(106 |
) |
(109 |
) |
(198 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,704 |
|
$ |
3,525 |
|
$ |
3,345 |
|
(b) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Second Quarter Results - Year-to-Date
|
|
|
Six Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
32,989 |
|
$ |
— |
|
$ |
32,989 |
|
$ |
31,475 |
|
$ |
— |
|
$ |
31,475 |
|
$ |
30,283 |
|
$ |
— |
|
$ |
30,283 |
|
|
Cost of sales |
|
22,838 |
|
— |
|
22,838 |
|
21,710 |
|
— |
|
21,710 |
|
20,705 |
|
— |
|
20,705 |
| |||||||||
|
Selling, general and administrative expenses |
|
6,471 |
|
81 |
|
6,552 |
|
6,143 |
|
36 |
|
6,179 |
|
6,058 |
|
— |
|
6,058 |
| |||||||||
|
Depreciation and amortization |
|
1,016 |
|
44 |
|
1,060 |
|
1,011 |
|
11 |
|
1,022 |
|
1,012 |
|
— |
|
1,012 |
| |||||||||
|
Segment profit |
|
$ |
2,664 |
|
$ |
(125 |
) |
$ |
2,539 |
|
$ |
2,611 |
|
$ |
(47 |
) |
$ |
2,564 |
|
$ |
2,508 |
|
$ |
— |
|
$ |
2,508 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
366 |
|
|
|
|
|
374 |
|
|
|
|
|
373 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
2,173 |
|
|
|
|
|
$ |
2,190 |
|
|
|
|
|
$ |
2,135 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Six Months Ended |
| |||||||
|
(millions) |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
6,552 |
|
$ |
6,179 |
|
$ |
6,058 |
|
|
Credit card revenues |
|
657 |
|
700 |
|
841 |
| |||
|
Credit card expenses (a) |
|
(228 |
) |
(174 |
) |
(494 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
6,981 |
|
$ |
6,705 |
|
$ |
6,405 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
Second Quarter Results - Quarter-to-Date
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,451 |
|
$ |
— |
|
$ |
16,451 |
|
$ |
15,895 |
|
$ |
— |
|
$ |
15,895 |
|
$ |
15,126 |
|
$ |
— |
|
$ |
15,126 |
|
|
Cost of sales |
|
11,297 |
|
— |
|
11,297 |
|
10,872 |
|
— |
|
10,872 |
|
10,293 |
|
— |
|
10,293 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,322 |
|
47 |
|
3,368 |
|
3,189 |
|
25 |
|
3,214 |
|
3,071 |
|
— |
|
3,071 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
22 |
|
531 |
|
498 |
|
11 |
|
509 |
|
496 |
|
— |
|
496 |
| |||||||||
|
Segment profit |
|
$ |
1,324 |
|
$ |
(69 |
) |
$ |
1,255 |
|
$ |
1,336 |
|
$ |
(36 |
) |
$ |
1,300 |
|
$ |
1,266 |
|
$ |
— |
|
$ |
1,266 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
184 |
|
|
|
|
|
191 |
|
|
|
|
|
185 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,071 |
|
|
|
|
|
$ |
1,109 |
|
|
|
|
|
$ |
1,081 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
July 28, 2012 |
|
July 30, 2011 |
|
July 31, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,368 |
|
$ |
3,214 |
|
$ |
3,071 |
|
|
Credit card revenues |
|
328 |
|
345 |
|
406 |
| |||
|
Credit card expenses (a) |
|
(108 |
) |
(86 |
) |
(214 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,588 |
|
$ |
3,473 |
|
$ |
3,263 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.
Segment Results - Restated
First Quarter Results
|
|
|
Three Months Ended |
| |||||||||||||||||||||||||
|
Business Segment Results |
|
April 28, 2012 |
|
April 30, 2011 |
|
May 1, 2010 |
| |||||||||||||||||||||
|
(millions) |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
|
U.S. |
|
Canadian |
|
Total |
| |||||||||
|
Sales |
|
$ |
16,537 |
|
$ |
— |
|
$ |
16,537 |
|
$ |
15,580 |
|
$ |
— |
|
$ |
15,580 |
|
$ |
15,158 |
|
$ |
— |
|
$ |
15,158 |
|
|
Cost of sales |
|
11,541 |
|
— |
|
11,541 |
|
10,838 |
|
— |
|
10,838 |
|
10,412 |
|
— |
|
10,412 |
| |||||||||
|
Selling, general and administrative expenses |
|
3,148 |
|
34 |
|
3,182 |
|
2,955 |
|
11 |
|
2,966 |
|
2,988 |
|
— |
|
2,988 |
| |||||||||
|
Depreciation and amortization |
|
508 |
|
21 |
|
529 |
|
512 |
|
— |
|
512 |
|
516 |
|
— |
|
516 |
| |||||||||
|
Segment profit |
|
$ |
1,340 |
|
$ |
(55 |
) |
$ |
1,285 |
|
$ |
1,275 |
|
$ |
(11 |
) |
$ |
1,264 |
|
$ |
1,242 |
|
$ |
— |
|
$ |
1,242 |
|
|
Unallocated (income) and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
Net interest expense |
|
|
|
|
|
184 |
|
|
|
|
|
183 |
|
|
|
|
|
187 |
| |||||||||
|
Earnings before income taxes |
|
|
|
|
|
$ |
1,101 |
|
|
|
|
|
$ |
1,081 |
|
|
|
|
|
$ |
1,055 |
| ||||||
Note: The sum of the segment amounts may not equal the total amounts due to rounding.
|
Reconciliation to the Consolidated Statements of Operations |
|
Three Months Ended |
| |||||||
|
(millions) |
|
April 28, 2012 |
|
April 30, 2011 |
|
May 1, 2010 |
| |||
|
Segment selling, general and administrative expenses |
|
$ |
3,182 |
|
$ |
2,966 |
|
$ |
2,988 |
|
|
Credit card revenues |
|
330 |
|
355 |
|
435 |
| |||
|
Credit card expenses (a) |
|
(120 |
) |
(88 |
) |
(280 |
) | |||
|
Consolidated selling, general and administrative expenses |
|
$ |
3,392 |
|
$ |
3,233 |
|
$ |
3,143 |
|
(a) Represents operations, marketing and bad debt expenses, and excludes loyalty program charges.