Target 2010 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2010 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 103

  • 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
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103

Consolidated Statements of Operations
(millions, except per share data) 2010 2009 2008
Sales $65,786 $63,435 $62,884
Credit card revenues 1,604 1,922 2,064
Total revenues 67,390 65,357 64,948
Cost of sales 45,725 44,062 44,157
Selling, general and administrative expenses 13,469 13,078 12,954
Credit card expenses 860 1,521 1,609
Depreciation and amortization 2,084 2,023 1,826
Earnings before interest expense and income taxes 5,252 4,673 4,402
Net interest expense
Nonrecourse debt collateralized by credit card receivables 83 97 167
Other interest expense 677 707 727
Interest income (3) (3) (28)
Net interest expense 757 801 866
Earnings before income taxes 4,495 3,872 3,536
Provision for income taxes 1,575 1,384 1,322
Net earnings $ 2,920 $ 2,488 $ 2,214
Basic earnings per share $ 4.03 $ 3.31 $ 2.87
Diluted earnings per share $ 4.00 $ 3.30 $ 2.86
Weighted average common shares outstanding
Basic 723.6 752.0 770.4
Diluted 729.4 754.8 773.6
See accompanying Notes to Consolidated Financial Statements.
33
PART II