Target 2002 Annual Report Download - page 37

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Business Segment Comparisons
(millions) 2002 2001 2000*1999 1998 1997
Revenues
Target $36,917 $32,588 $29,278 $26,080 $23,014 $20,298
Mervyn’s 3,816 4,027 4,142 4,087 4,140 4,209
Marshall Field’s 2,691 2,778 2,969 3,041 3,047 2,959
Other 493 433 462 449 434 –
Total revenues $43,917 $39,826 $36,851 $33,657 $30,635 $27,466
Pre-tax segment profit and earnings reconciliation
Target $ 3,088 $ 2,546 $ 2,223 $ 2,022 $ 1,578 $ 1,287
Mervyn’s 238 286 269 205 240 280
Marshall Field’s 135 133 190 296 279 240
Total pre-tax segment profit $ 3,461 $ 2,965 $ 2,682 $ 2,523 $ 2,097 $ 1,807
LIFO provision (expense)/credit 12 (8) (4) 7 18 (6)
Securitization adjustments:
Unusual items –(67) – – (3) 45
Interest equivalent –(27) (50) (49) (48) (33)
Interest expense (588) (473) (426) (459) (442) (501)
Mainframe outsourcing –– – (5) (42) –
Other (209) (183) (149) (148) (69) (71)
Earnings before income taxes $ 2,676 $ 2,207 $ 2,053 $ 1,869 $ 1,511 $ 1,241
Assets
Target $22,752 $18,515 $14,348 $12,048 $10,475 $ 9,487
Mervyn’s 2,270 2,379 2,270 2,248 2,339 2,281
Marshall Field’s 2,202 2,284 2,114 2,149 2,123 2,188
Other 1,379 976 758 698 729 235
Total assets $28,603 $24,154 $19,490 $17,143 $15,666 $14,191
Depreciation and amortization
Target $ 925 $ 784 $ 660 $ 567 $ 496 $ 437
Mervyn’s 122 126 131 138 138 126
Marshall Field’s 125 135 133 133 135 128
Other 40 34 16 16 11 2
Total depreciation and amortization $ 1,212 $ 1,079 $ 940 $ 854 $ 780 $ 693
Capital expenditures
Target $ 2,966 $ 2,901 $ 2,244 $ 1,665 $ 1,352 $ 1,155
Mervyn’s 110 104 106 108 169 72
Marshall Field’s 105 125 143 124 127 124
Other 40 33 35 21 9 3
Total capital expenditures $ 3,221 $ 3,163 $ 2,528 $ 1,918 $ 1,657 $ 1,354
Segment EBITDA
Target $ 4,013 $ 3,330 $ 2,883 $ 2,589 $ 2,074 $ 1,724
Mervyn’s 360 412 400 343 378 406
Marshall Field’s 260 268 323 429 414 368
Total segment EBITDA $ 4,633 $ 4,010 $ 3,606 $ 3,361 $ 2,866 $ 2,498
Net assets**
Target $17,491 $13,812 $10,659 $ 8,413 $ 7,302 $ 6,602
Mervyn’s 1,749 1,868 1,928 1,908 2,017 2,019
Marshall Field’s 1,822 1,764 1,749 1,795 1,785 1,896
Other 636 477 463 428 470 169
Total net assets $21,698 $17,921 $14,799 $12,544 $11,574 $10,686
Each operating segment’s assets and operating results include accounts receivable and receivable-backed securities held by Target Receivables Corporation
and Retailers National Bank, as well as related income and expense.
*Consisted of 53 weeks.
** Net assets represent total assets (including publicly held receivable-backed securities) less cash equivalents and non-interest bearing current liabilities.
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