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Anywhere.
Anytime.
2010
Annual
Report

Table of contents

  • Page 1
    2010 Annual Report Anywhere. Anytime.

  • Page 2
    ... '07 '08 $2.86 '09 $3.30 '10 TOTAL REVENUES 2010 Growth: 3.1% Five-year CAGR: 5.1% EARNINGS BEFORE INTEREST EXPENSE AND INCOME TAXES (EBIT) 2010 Growth: 12.4% Five-year CAGR: 4.0% NET EARNINGS 2010 Growth: 17.3% Five-year CAGR: 3.9% DILUTED EPS 2010 Growth: 21.4% Five-year CAGR: 8.1% $4.00

  • Page 3
    TARGET 2010 ANNUAL REPORT 1 The Target experience now reaches far beyond the walls of our stores, weaving us even more into the modern lives of our guests, 24/7. By understanding their individual needs and anticipating their desires-what they want to shop for and how they want to shop-...

  • Page 4
    ..., video games and shoes. By year-end, we were operating 462 general merchandise locations with our expanded fresh food assortment, and we have plans to complete approximately 380 remodels in 2011. • Our REDcard Rewards program now offers an additional 5 percent discount nearly every time guests...

  • Page 5
    ...base and enter new markets through a dynamic growth portfolio. In January 2011 we announced an important step in our company's history as we outlined plans to extend our brand beyond the United States for the first time by opening 100 to 150 Target stores in Canada in 2013 and 2014. Domestically, we...

  • Page 6
    ... needs. We expect to open our first small urban-format stores in Seattle, Los Angeles, Chicago and San Francisco in 2012. We are also planning to extend our Target brand beyond the United States. Through the purchase of the leasehold interests in up to 220 sites currently operated by Zellers Inc...

  • Page 7
    TARGET 2010 ANNUAL REPORT 5 Our REDESIGNED BEAUTY AISLES, featuring softer lighting, informational signs with tips and tricks, and tester products that allow guests to experiment with colors and formulas before they buy, are delivering more of what our guests want and producing strong sales growth....

  • Page 8
    ...add NEW FIT OPTIONS to our women's owned brand denim, helping guests find their perfect pair of jeans at a fraction of the price of designer brands. Target's up & up brand of household products has been recognized in thirdparty tests for exceptional prices and quality comparable to national brands...

  • Page 9
    TARGET 2010 ANNUAL REPORT 7 In case you missed our new advertising campaign, catch a few TV spots at target.com/movingtarget There's a reason guests refer to their store as "My Target." If it seems that we've anticipated exactly what they want to find before every trip, it's because we have. From...

  • Page 10
    ... or budget. On Target.com and our iPad app, the REINVENTED MY TARGET WEEKLY AD features customized views, deal alerts and an innovative list-making feature. Target guests ACCESSORIZED FOR LESS with limitedtime-only designer items, including hats by Eugenia Kim, summer sandals by Cynthia Vincent...

  • Page 11
    ... LONDON across more than 300 items in apparel, home décor and even sporting goods. Target was the top destination for TAYLOR SWIFT'S NEWEST ALBUM, Speak Now, during the first week of its release, setting a company record for units sold. We also were the only retailer to offer an exclusive deluxe...

  • Page 12
    .... Every time guests use a REDcard to shop at a Target store or a Target credit card to shop on Target.com, they automatically receive an additional five percent off nearly every item. The new rewards program has resulted in additional sales driven by more new debit and credit card applications and...

  • Page 13
    ...-long trend. The NEW BENEFITS of our debit and credit cards were developed to be easier for our guests to understand and to use in addition to the benefits they already receive through Take Charge of Education-a program that allows guests to designate a school to receive 1 percent of their REDcard...

  • Page 14
    ... they strive to achieve well-being; and operating safe stores that help our communities thrive. Our longstanding commitment to education reached a key milestone in 2010 with our announcement of plans to donate more than $500 million by the end of 2015, bringing our support of education to more than...

  • Page 15
    ...the reasons our pharmacies ranked the HIGHEST IN OVERALL CUSTOMER SERVICE for mass merchandisers for the fourth year in a row according to J.D. Power and Associates' 2010 U.S. National Pharmacy Study. Target's extensive PUBLIC SAFETY PARTNERSHIPS strengthen neighborhoods across the country. We have...

  • Page 16
    14 TARGET 2010 ANNUAL REPORT Partner in Health Healthy communities are good for our guests and good for our business. From an expanded fresh food assortment to our growing Archer Farms Simply Balanced line, we're offering more healthy choices than ever. And The National Business Group on Health ...

  • Page 17
    ... our team members and external partners share. Our headquarters' diversity business councils are a valuable resource for driving business decisions, including merchandising and marketing initiatives in key multicultural categories like food, entertainment, health and beauty. We continually work to...

  • Page 18
    ... 2010 ANNUAL REPORT Close to Home Target might have 1,750 locations throughout the country, but when you get down to it, we're a neighborhood store-offering relevant local brands, volunteering at nearby schools, and giving grants to community nonprofits. My Target "is not just a place to work...

  • Page 19
    ... Manhattan Empowerment Zone Development Corporation (on Target's July 2010 Harlem store opening in the New York Sun) SALES PER CAPITA GROUP NO. OF STORES RETAIL SQ. FT. (THOUSANDS) $151- $200 Year-end Store Count and Square Footage by State SALES PER CAPITA GROUP NO. OF STORES RETAIL SQ. FT...

  • Page 20
    ...OTHER: Common shares outstanding (in millions) Cash flow provided by operations (in millions) Revenues per square foot (g)(h) Retail square feet (in thousands) Square footage growth Total number of stores General merchandise Expanded food assortment SuperTarget Total number of distribution centers...

  • Page 21
    ...the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes � No � Aggregate market value of the voting stock held by non-affiliates of the registrant on July 31, 2010 was $37,014,234,947, based on the closing price of $51.32 per share of Common Stock as reported on the New York...

  • Page 22

  • Page 23
    ... and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accountant Fees and Services Exhibits and Financial Statement Schedules...

  • Page 24
    ... credit cards, the Target Visa and the Target Card. Additionally, we offer a branded proprietary Target Debit Card. Collectively, these REDcards� help strengthen the bond with our guests, drive incremental sales and contribute to our results of operations. Financial Highlights Our fiscal year ends...

  • Page 25
    ...-time and seasonal employees, referred to as ''team members.'' During our peak sales period from Thanksgiving to the end of December, our employment levels peaked at approximately 400,000 team members. We consider our team member relations to be good. We offer a broad range of company-paid benefits...

  • Page 26
    ... for market share of sales volume. Our ability to positively differentiate the value of our financial products primarily through our rewards programs, terms, credit line management, and guest service determines our competitive position among credit card issuers. Intellectual Property Our brand image...

  • Page 27
    ...loss of new store development opportunities, or team member recruiting difficulties. In addition, we sell many products under our owned and exclusive brands, such as Market Pantry, up & up, Target Home, Merona and Mossimo. These brands generally carry higher margins than national brand products, and...

  • Page 28
    ... wage rates, health care and other benefit costs and changing demographics. If we are unable to attract and retain adequate numbers of qualified team members, our operations, guest service levels and support functions could suffer. Those factors, together with increasing wage and benefit costs...

  • Page 29
    ... working capital, and the asset-backed securities markets to partially fund our accounts receivable portfolio. In addition, we use a variety of derivative products to manage our exposure to market risk, principally interest rate and equity price fluctuations. Disruptions or turmoil in the financial...

  • Page 30
    ...qualified team members. In addition, access to local suppliers of certain types of goods may limit our ability to offer a full assortment of merchandise in certain markets. The effective execution of our strategy is also contingent on our ability to design new marketing and promotional programs that...

  • Page 31
    ...(b) The 37 distribution centers have a total of 48,022 thousand square feet. 1,500 84 166 1,750 29 8 - 37 We own our corporate headquarters buildings located in Minneapolis, Minnesota, and we lease and own additional office space in the United States. Our international sourcing operations have 27...

  • Page 32
    ..., Financial and Retail Services Chairman of the Board, President and Chief Executive Officer Executive Vice President, Merchandising President, Community Relations and Target Foundation 50 48 49 49 47 45 55 58 56 48 43 Each officer is elected by and serves at the pleasure of the Board of Directors...

  • Page 33
    ...Vice President and Chief Information Officer from July 2008 to January 2010. Vice President, Guest Operations, Target Financial Services from August 2006 to July 2008. Vice President, Guest Contact Centers, Target Financial Services from September 2003 to August 2006. Executive Vice President, Human...

  • Page 34
    ... high and low closing common stock price for each fiscal quarter during 2010 and 2009 are disclosed in Note 29 of the Notes to Consolidated Financial Statements, included in Item 8, Financial Statements and Supplementary Data. In November 2007, our Board of Directors authorized the repurchase of $10...

  • Page 35
    ...Group index consists of 40 general merchandise, food and drug retailers and is weighted by the market capitalization of each component company. The graph assumes the investment of $100 in Target common stock, the S&P 500 Index and the Peer Group on January 28, 2006, and reinvestment of all dividends...

  • Page 36
    ... $2,889 million was funded by Target. Refer to Note 10 of the Notes to Consolidated Financial Statements for further description of historical financing transactions related to our credit card receivables. Management's Discussion and Analysis is based on our Consolidated Financial Statements in Item...

  • Page 37
    ... by sales. Sales Sales include merchandise sales, net of expected returns, from our stores and our online business, as well as gift card breakage. Refer to Note 2 of the Notes to Consolidated Financial Statements for a definition of gift card breakage. Total sales for the Retail Segment for 2010...

  • Page 38
    ..., competitive and consumer behavioral factors, as well as sales mix, and transfer of sales to new stores makes further analysis of sales metrics infeasible. Beginning April 2010, all new qualified credit card applicants receive the Target Card, and we no longer issue the Target Visa to credit card...

  • Page 39
    ... rate represents SG&A expenses as a percentage of sales. See Note 3 of the Notes to Consolidated Financial Statements for a description of costs included in SG&A expenses. SG&A expenses exclude depreciation and amortization, as well as expenses associated with our credit card operations, which...

  • Page 40
    ... funded by Target. For 2010, 2009 and 2008, these amounts exclude $4,335 million, $5,484 million and $4,503 million, respectively, of receivables funded by nonrecourse debt collateralized by credit card receivables. (c) ROIC is return on invested capital, and this rate equals our segment profit...

  • Page 41
    ... prior year. The decrease in revenue was driven by a lower Prime Rate, lower average receivables, higher finance charge and late-fee write-offs, and lower late fees due to fewer delinquent accounts offset by the positive impacts of the terms changes implemented in late 2008 and April 2009. Segment...

  • Page 42
    ... Doubtful Accounts (millions) Allowance at beginning of period Bad debt expense Write-offs (a) Recoveries (a) Allowance at end of period As a percentage of period-end gross credit card receivables Net write-offs as a percentage of average gross credit card receivables (annualized) 2010 2009 2008...

  • Page 43
    ...billion share repurchase plan authorized by our Board of Directors in November 2007. In 2009, we repurchased 9.9 million shares of our common stock for a total cash investment of $479 million ($48.54 per share). We paid dividends totaling $609 million in 2010 and $496 million in 2009, an increase of...

  • Page 44
    ...coverage ratio as calculated by the SEC's applicable rules was 6.1x in 2010, 5.1x in 2009 and 4.3x in 2008. At January 29, 2011 and January 30, 2010, there were no amounts outstanding under our commercial paper program. In past years, we funded our peak sales season working capital needs through our...

  • Page 45
    ...million related to stores that will open in 2011 and later years. Net property and equipment increased $213 million in 2010 following a decrease of $475 million in 2009. Capital Expenditures (millions) New stores Remodels and expansions Information technology, distribution and other Total 2010 $ 574...

  • Page 46
    ... related to our nonqualified deferred compensation plans. The timing of deferred compensation payouts is estimated based on payments currently made to former employees and retirees, forecasted investment returns, and the projected timing of future retirements. (e) Estimated tax contingencies...

  • Page 47
    .... Our senior management has discussed the development and selection of our critical accounting estimates with the Audit Committee of our Board of Directors. The following items in our consolidated financial statements require significant estimation or judgment: Inventory and cost of sales We use the...

  • Page 48
    ... of gross credit card receivables, at January 30, 2010 to $690 million, or 10.1 percent of gross credit card receivables, at January 29, 2011. Credit card receivables and our allowance for doubtful accounts are described in Note 10 of the Notes to Consolidated Financial Statements. Long-lived assets...

  • Page 49
    ... level of, these benefits varies depending on team members' full-time or part-time status, date of hire and/or length of service. Our expected long-term rate of return on plan assets is determined by the portfolio composition, historical long-term investment performance and current market conditions...

  • Page 50
    ...our outlook for sales, comparable-store sales trends, including the impact of our store remodel and 5% REDcard Rewards programs, and EBIT margin rates; for our Credit Card Segment, our outlook for year-end gross credit card receivables, future write-offs of current receivables, rate of portfolio 28

  • Page 51
    ...in our pension plan trust. At year-end, we had hedged approximately 55 percent of the interest rate exposure of our funded status. As more fully described in Note 14 and Note 26 of the Notes to Consolidated Financial Statements, we are exposed to market returns on accumulated team member balances in...

  • Page 52
    ... direct exposure to foreign currency rates as all of our stores are located in the United States, and the vast majority of imported merchandise is purchased in U.S. dollars. Our previously described agreement to purchase leasehold interests in Canada will expose us to market risk associated...

  • Page 53
    ... Executive Vice President and Chief Financial Officer Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements The Board of Directors and Shareholders Target Corporation We have audited the accompanying consolidated statements of financial position of Target...

  • Page 54
    ... of the Public Company Accounting Oversight Board (United States), the consolidated statements of financial position of Target Corporation and subsidiaries as of January 29, 2011 and January 30, 2010, and the related consolidated statements of operations, cash flows and shareholders' investment for...

  • Page 55
    Consolidated Statements of Operations (millions, except per share data) Sales Credit card revenues Total revenues Cost of sales Selling, general and administrative expenses Credit card expenses Depreciation and amortization Earnings before interest expense and income taxes Net interest expense ...

  • Page 56
    ... by credit card receivables Total current liabilities Unsecured debt and other borrowings Nonrecourse debt collateralized by credit card receivables Deferred income taxes Other noncurrent liabilities Total noncurrent liabilities Shareholders' investment Common stock Additional paid-in-capital...

  • Page 57
    ...accounts receivable originated at third parties Other investments Cash flow required for investing activities Financing activities Reductions of short-term notes payable Additions to long-term debt Reductions of long-term debt Dividends paid Repurchase of stock Stock option exercises and related tax...

  • Page 58
    ... of $2 Currency translation adjustment, net of taxes of $1 Total comprehensive income Dividends declared Repurchase of stock Stock options and awards January 29, 2011 Common Stock Stock Par Shares Value 818.7 $68 - - Additional Paid-in Retained Capital Earnings $2,656 $12,761 - 2,214 - - - (67...

  • Page 59
    ...to Consolidated Financial Statements 1. Summary of Accounting Policies Organization Target Corporation (Target or the Corporation) operates two reportable segments: Retail and Credit Card. Our Retail Segment includes all of our merchandising operations, including our fully integrated online business...

  • Page 60
    ...associated with sales to our guests Payment term cash discounts Distribution center costs, including compensation and benefits costs Compensation and benefit costs including • Stores • Headquarters Occupancy and operating costs of retail and headquarters facilities Advertising, offset by vendor...

  • Page 61
    ... of pension and postretirement plan amounts, net of related taxes. Significant items affecting other comprehensive income/(loss) are shown in the Consolidated Statements of Shareholders' Investment. 8. Fair Value Measurements Fair value is the price at which an asset could be exchanged in a current...

  • Page 62
    ...Marketable securities Other current assets Prepaid forward contracts Other noncurrent assets Interest rate swaps (a) Company-owned life insurance investments (b) Total Liabilities Other noncurrent liabilities Interest rate swaps Total Fair Value at January 29, 2011 Level 1 Level 2 Level 3 Fair Value...

  • Page 63
    ... Consolidated Statements of Financial Position. The fair value of marketable securities is determined using available market prices at the reporting date. The fair value of debt is generally measured using a discounted cash flow analysis based on our current market interest rates for similar types...

  • Page 64
    ... on credit card holders' ability to pay their balances. If such deterioration were to occur, it would lead to an increase in bad debt expense. The Corporation monitors both the credit quality and the delinquency status of the credit card receivables portfolio. We consider accounts 30 or more days...

  • Page 65
    ... or a related trust, in our Consolidated Statements of Financial Position based upon the applicable accounting guidance. The receivables transferred to the Trust are not available to general creditors of the Corporation. In 2005, we entered into a public securitization of our credit card receivables...

  • Page 66
    ...or pay for merchandise until the merchandise is ultimately sold to a guest. Revenues under this program are included in sales in the Consolidated Statements of Operations, but the merchandise received under the program is not included in inventory in our Consolidated Statements of Financial Position...

  • Page 67
    ... insurance investments (a) Goodwill and intangible assets Interest rate swaps (b) Other Total January 29, 2011 $358 223 139 279 $999 January 30, 2010 $319 239 131 140 $829 PA R T I I (a) Company-owned life insurance policies on approximately 4,000 team members who are designated highly compensated...

  • Page 68
    ... Liabilities Accrued and Other Current Liabilities (millions) Wages and benefits Taxes payable (a) Gift card liability (b) Straight-line rent accrual (c) Dividends payable Workers' compensation and general liability Income tax payable Interest payable Other Total January 29, 2011 $ 921 497 422 200...

  • Page 69
    ... amount outstanding during the year Amount outstanding at year-end Weighted average interest rate PA R T I I 2010 $ - - - - 2009 $112 1 - 0.2% An additional source of liquidity is available to us through a committed $2 billion unsecured revolving credit facility obtained through a group of...

  • Page 70
    ... directly or through related trusts, sells debt securities to third parties. The following summarizes this activity for 2009 and 2010. Nonrecourse Debt Collateralized by Credit Card Receivables (millions) Balance at beginning of period Issued Accretion (a) Repaid (b) Balance at end of period 2010...

  • Page 71
    ... with two global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. Prior to 2009, the majority of our derivative instruments qualified for fair value hedge accounting treatment. The changes in market value of an interest rate swap, as well as the...

  • Page 72
    ...of Operations (millions) Type Interest rate swaps Total Classification Other interest expense Income/(Expense) 2010 2009 2008 $51 $65 $71 $51 $65 $71 21. Leases We lease certain retail locations, warehouses, distribution centers, office space, land, equipment and software. Assets held under capital...

  • Page 73
    ... 50 years. Certain leases also include options to purchase the leased property. Future Minimum Lease Payments (millions) 2011 2012 2013 2014 2015 After 2015 Total future minimum lease payments Less: Interest (b) Present value of future minimum capital lease payments (c) Operating Leases (a) $ 190...

  • Page 74
    ... of Unrecognized Tax Benefit Liabilities (millions) Balance at beginning of period Additions based on tax positions related to the current year Additions for tax positions of prior years Reductions for tax positions of prior years Settlements Balance at end of period 2010 2009 $ 452 $434...

  • Page 75
    ... shares under this program. Share repurchases for the last three years, repurchased primarily through open market transactions, were as follows: Share Repurchases (millions, except per share data) 2008 2009 2010 Total Total Number of Shares Purchased 67.2 9.9 47.8 124.9 Average Price Paid per Share...

  • Page 76
    ...under the Plan was 17,552,454 at January 29, 2011 and 21,450,009 at January 30, 2010. Total share-based compensation expense recognized in the Consolidated Statements of Operations was $109 million, $103 million and $72 million in 2010, 2009 and 2008, respectively. The related income tax benefit was...

  • Page 77
    ...remaining life of all outstanding options is 6.7 years. The total fair value of options vested was $87 million, $85 million and $69 million, in 2010, 2009 and 2008, respectively. Performance Share Units We have issued performance share units to certain team members annually since January 2003. These...

  • Page 78
    performance share units is calculated based on the stock price at the time of grant. The weighted average grant date fair value for performance share units was $52.62 in 2010, $27.18 in 2009 and $51.68 in 2008. Performance Share Unit Activity Total Nonvested Units Performance Grant Date Share Units ...

  • Page 79
    ... Compensation Plans Benefits expense/(income) (a) Related investment loss/(income) (b) Nonqualified plan net expense 2010 $190 $ 63 (31) $ 32 2009 $178 $ 83 (77) $ 6 2008 $178 $ (80) 83 $ 3 (a) Includes market-performance credits on accumulated participant account balances and annual crediting...

  • Page 80
    ..., team members also become eligible for certain health care benefits if they meet minimum age and service requirements and agree to contribute a portion of the cost. Effective January 1, 2009, our qualified defined benefit pension plan was closed to new participants, with limited exceptions...

  • Page 81
    ... for the years ended January 29, 2011 and January 30, 2010, related to our pension and postretirement health care plans: Change in Accumulated Other Comprehensive Income (millions) January 31, 2009 Net actuarial loss Amortization of net actuarial Amortization of prior service Plan amendments January...

  • Page 82
    ... Assumptions Pension Benefits 2010 2009 5.85% 6.50% 8.00% 4.00% 8.00% 4.25% 2008 6.45% 8.00% 4.25% Postretirement Health Care Benefits 2010 2009 4.85%(a) 6.50%(a) n/a n/a n/a n/a Discount rate Expected long-term rate of return on plan assets Average assumed rate of compensation increase 2008 6.45...

  • Page 83
    ... long-term investment performance and current market conditions. We review the expected long-term rate of return on an annual basis, and revise it accordingly. Additionally, we monitor the mix of investments in our portfolio to ensure alignment with our long-term strategy to manage pension cost and...

  • Page 84
    ... in contributions to balanced funds held by investment managers, but not yet invested in the respective funds as of January 29, 2011. Level 3 Reconciliation (millions) 2009 Private equity funds Other 2010 Private equity funds Other Actual return on plan assets (a) Relating to Relating to Balance...

  • Page 85
    ... of the underlying assets owned by the fund minus applicable costs and liabilities, and then divided by the number of shares outstanding. Valued at the closing price reported on the major market on which the individual securities are traded. Valued using the NAV provided by the administrator of the...

  • Page 86
    ... the Credit Card Segment represent credit card expenses on the Consolidated Statements of Operations. (b) Loyalty Program discounts are recorded as reductions to sales in our Retail Segment. Effective with the October 2010 nationwide launch of our new 5% REDcard Rewards loyalty program, we changed...

  • Page 87
    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 2010 and 2009: Quarterly Results (millions, except per share data) Total revenues Earnings before income taxes Net earnings Basic ...

  • Page 88
    ... our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. There were no changes in our internal control over financial reporting during the fourth quarter of fiscal year 2010 that have...

  • Page 89
    ...4A, Executive Officers of Part I hereof. Item 11. Executive Compensation Executive and Director Compensation, of Target's Proxy Statement to be filed on or about April 28, 2011, is incorporated herein by reference. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 90
    ...for the Years Ended January 29, 2011, January 30, 2010 and January 31, 2009 Notes to Consolidated Financial Statements Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements Financial Statement Schedules For the Years Ended January 29, 2011, January 30, 2010 and...

  • Page 91
    ... 19, 2008 between Target Credit Card Owner Trust 2008-1 and Wells Fargo Bank, National Association (20) Series 2008-1 Supplement dated as of May 19, 2008 to Amended and Restated Pooling and Servicing Agreement among Target Receivables Corporation, Target National Bank, and Wells Fargo Bank, National...

  • Page 92
    ... the exhibits. †Excludes the Disclosure Letter referred to in the agreement, which Target Corporation agrees to furnish supplementally to the Securities and Exchange Commission upon request. * Management contract or compensation plan or arrangement required to be filed as an exhibit to this Form...

  • Page 93
    ...thereunto duly authorized. TARGET CORPORATION By: 1APR200416064753 Dated: March 11, 2011 Douglas A. Scovanner Executive Vice President, Chief Financial Officer and Chief Accounting Officer Pursuant to the requirements of the Securities Exchange Act of 1934, the report has been signed below by the...

  • Page 94
    TARGET CORPORATION Schedule II-Valuation and Qualifying Accounts Fiscal Years 2010, 2009 and 2008 (millions) Column A Column B Balance at Beginning of Period $1,016 $ 1,010 $ 570 Column C Additions Charged to Cost, Expenses 528 1,185 1,251 Column D Column E Balance at End of Period $ 690 $1,016 ...

  • Page 95
    ...USA, National Association Indenture dated as of May 19, 2008 between Target Credit Card Owner Trust 2008-1 and Wells Fargo Bank, National Association Series 2008-1 Supplement dated as of May 19, 2008 to Amended and Restated Pooling and Servicing Agreement among Target Receivables Corporation, Target...

  • Page 96
    ... as Target Receivables Corporation), Target National Bank, and Wells Fargo Bank, National Association Amendment No. 2 dated as of January 31, 2011 to Amended and Restated Pooling and Servicing Agreement among Target Receivables LLC (formerly known as Target Receivables Corporation), Target National...

  • Page 97
    Exhibit 12 TARGET CORPORATION Computations of Ratios of Earnings to Fixed Charges for each of the Five Years in the Period Ended January 29, 2011 Ratio of Earnings to Fixed Charges (millions) Earnings from continuing operations before income taxes Capitalized interest Adjusted earnings from ...

  • Page 98
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  • Page 100
    ... current sales disclosure practice includes a sales recording on the day of our monthly sales release. Direct Stock Purchase/Dividend Reinvestment Plan BNY Mellon Shareowner Services administers a direct service investment plan that allows interested investors to purchase Target Corporation stock...

  • Page 101
    ... Vice President, Merchandising Operations Mitchell Stover Senior Vice President, Distribution Rich Varda Senior Vice President, Store Design Jane Windmeier Senior Vice President, Global Finance Systems and Chief Financial Officer, Target Canada Calvin Darden Chairman, Darden Development Group, LLC...

  • Page 102
    Executive Officers (from left to right) Terry Scully, Jodee Kozlak, Tina Schiel, Tim Baer, Gregg Steinhafel, Beth Jacob, Kathee Tesija, Michael Francis, Doug Scovanner, Laysha Ward and John Griffith

  • Page 103
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