Target 2011 Annual Report Download - page 38

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Item 6. Selected Financial Data
As of or for the Year Ended
(millions, except per share data) 2011 2010 2009 2008 2007 2006 (a)
Financial Results:
Total revenues $69,865 $67,390 $65,357 $64,948 $63,367 $59,490
Net earnings 2,929 2,920 2,488 2,214 2,849 2,787
Per Share:
Basic earnings per share 4.31 4.03 3.31 2.87 3.37 3.23
Diluted earnings per share 4.28 4.00 3.30 2.86 3.33 3.21
Cash dividends declared per share 1.15 0.92 0.67 0.62 0.54 0.46
Financial Position:
Total assets 46,630 43,705 44,533 44,106 44,560 37,349
Long-term debt, including current portion 17,483 15,726 16,814 18,752 16,590 10,037
(a) Consisted of 53 weeks.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of
Operations
Executive Summary
Consolidated revenues were $69,865 million for 2011, an increase of $2,475 million or 3.7 percent from the
prior year. Consolidated earnings before interest expense and income taxes for 2011 increased by $70 million or
1.3 percent over 2010 to $5,322 million. Cash flow provided by operations was $5,434 million, $5,271 million and
$5,881 million for 2011, 2010 and 2009, respectively. Diluted earnings per share in 2011 increased 7.0 percent to
$4.28 from $4.00 in the prior year. Adjusted diluted earnings per share, which we believe is useful in providing
period-to-period comparisons of the results of our U.S. operations, increased 14.3 percent to $4.41 in 2011 from
$3.86 in the prior year.
Percent Change
Earnings Per Share
2011 2010 2009 2011/2010 2010/2009
GAAP diluted earnings per share $4.28 $ 4.00 $ 3.30 7.0% 21.4%
Adjustments (a) 0.13 (0.14) (0.04)
Adjusted diluted earnings per share $4.41 $ 3.86 $ 3.26 14.3% 18.4%
Note: A reconciliation of non-GAAP financial measures to GAAP measures is provided on page 20.
(a) Adjustments represent the diluted EPS impact of our 2013 Canadian market entry, favorable resolution of various income tax matters and
the loss on early retirement of debt.
Our financial results for 2011 in our U.S. Retail Segment reflect increased sales of 4.1 percent over the same
period last year due to a 3.0 percent comparable-store increase combined with the contribution from new stores. In
2011 we experienced a slight reduction in U.S. Retail Segment EBITDA margin rate compared to 2010, due
primarily to a decrease in gross margin rate, partially offset by a favorable selling, general and administrative
(SG&A) expense rate. U.S. Retail Segment EBIT margin rate in 2011 was consistent with the 2010 rate. We opened
21 new stores in 2011 (13 net of 5 relocations and 3 closures). During 2010, we opened 13 new stores (10 net of 1
relocation and 2 closures).
In the U.S. Credit Card Segment, we achieved an increase in segment profit primarily due to declining bad debt
expense driven by improved trends in key measures of risk in our accounts receivable portfolio.
14