Target 2002 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2002 Target annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

36
Quarterly Results (Unaudited)
The same accounting policies are followed in preparing quarterly financial data as are followed in preparing annual data. The table below
summarizes results by quarter for 2002 and 2001:
(millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year
2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
Total revenues $9,594 8,334 $10,068 8,941 $10,194 9,331 $14,061 13,220 $43,917 39,826
Gross margin (a) $3,014 2,583 $ 3,151 2,713 $ 3,148 2,811 $ 4,149 3,864 $13,462 11,971
Net earnings (b) $ 345 254 $ 344 271 $ 277 185 $ 688 658 $ 1,654 1,368
Basic earnings per share (b) (c) $ .38 .28 $ .38 .30 $ .31 .20 $ .76 .73 $ 1.82 1.52
Diluted earnings per share (b) (c) $ .38 .28 $ .38 .30 $ .30 .20 $ .75 .72 $ 1.81 1.50
Dividends declared per share (c) $ .060 .055 $ .060 .055 $ .060 .055 $ .060 .060 $ .240 .225
Closing common stock price (d)
High $45.72 39.25 $ 44.94 39.93 $ 37.25 39.03 $ 35.74 44.41 $ 45.72 44.41
Low $41.45 33.95 $ 30.46 32.74 $ 26.15 26.68 $ 27.00 34.11 $ 26.15 26.68
(a) Gross margin is sales less cost of sales.
(b) Third quarter and total year 2001, net earnings and earnings per share include a pre-tax charge of $67 million ($.05 per share) that relates to the required
adoption of a new accounting standard applicable to securitized accounts receivable (discussed in detail under Accounts Receivable and Receivable-
backed Securities on page 29).
(c) 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.
(d) Our common stock is listed on the New York Stock Exchange and Pacific Exchange. At March 19, 2003, there were 17,108 registered shareholders and
the closing common stock price was $29.60 per share.