Hoover's Online Report Builder
Target Corporation (NYSE: TGT)
Copyright 2004, Hoover's, Inc.
Report Builder − Target Corporation − Hoover's Online
Table of Contents
The Basics...............................................................................................................................................................................1
Key Numbers.............................................................................................................................................................1
Financial Overview....................................................................................................................................................1
Officers & Employees................................................................................................................................................2
Board Members..........................................................................................................................................................3
Industry Information..................................................................................................................................................4
SIC Codes...................................................................................................................................................................4
NAICS Codes.............................................................................................................................................................5
Top Competitors.........................................................................................................................................................5
All Competitors..........................................................................................................................................................6
Rankings.....................................................................................................................................................................6
Subsidiaries/Affiliates Covered By Hoover's Online.................................................................................................6
Biographies............................................................................................................................................................................7
Robert J. Ulrich, Age 59...........................................................................................................................................7
Gerald L. Storch, Age 46..........................................................................................................................................7
Gregg W. Steinhafel, Age 49....................................................................................................................................7
Douglas A. Scovanner, Age 47.................................................................................................................................8
James T. Hale, Age 62..............................................................................................................................................8
Todd V. Blackwell, Age 41.......................................................................................................................................9
Michael R. Francis, Age 40.......................................................................................................................................9
Bart Butzer, Age 46.................................................................................................................................................10
Paul L. Singer, Age 49............................................................................................................................................10
John D. Griffith, Age 41.........................................................................................................................................10
Stephen C. Kowalke................................................................................................................................................11
Richard J. Kuzmich.................................................................................................................................................11
Linda L. Ahlers, Age 53..........................................................................................................................................11
Diane L. Neal, Age 46.............................................................................................................................................11
Terrence J. Scully....................................................................................................................................................12
Luis A. Padilla, Age 48...........................................................................................................................................12
Maureen W. Kyer, Age 48......................................................................................................................................12
Ertugrul Tuzcu, Age 50...........................................................................................................................................13
Bernard Boudreaux.................................................................................................................................................13
Roxanne S. Austin, Age 43.....................................................................................................................................13
Calvin (Cal) Darden, Age 54..................................................................................................................................14
Roger A. Enrico, Age 58.........................................................................................................................................14
William W. George, Age 61...................................................................................................................................15
Elizabeth (Betsy) Hoffman, Age 56........................................................................................................................15
Michele J. Hooper, Age 52.....................................................................................................................................15
James A. Johnson, Age 60......................................................................................................................................16
Richard M. (Dick) Kovacevich, Age 59.................................................................................................................16
Anne M. Mulcahy, Age 51......................................................................................................................................17
Stephen W. Sanger, Age 57....................................................................................................................................17
Warren R. Staley, Age 61.......................................................................................................................................18
George W. Tamke, Age 55.....................................................................................................................................18
Solomon D. Trujillo, Age 52...................................................................................................................................19
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Report Builder − Target Corporation − Hoover's Online
Table of Contents
Overview..............................................................................................................................................................................20
History..................................................................................................................................................................................21
Products/Operations...........................................................................................................................................................22
Other Resources Available On Hoover's Online..............................................................................................................26
Other Resources.......................................................................................................................................................26
Related Products From Our Trusted Partners..........................................................................................................26
Annual Financials................................................................................................................................................................27
Quarterly Financials...........................................................................................................................................................29
Historical Financials & Employees....................................................................................................................................32
Market Data.........................................................................................................................................................................34
Comparison Data.................................................................................................................................................................35
Competitive Landscape.......................................................................................................................................................37
ii
The Basics
1000 Nicollet Mall
Minneapolis, MN 55403 (Map)
http://www.target.com
Phone: 612−304−6073
Fax: 612−696−3731
Target stores are at the center of Target Corporation's retail empire. Formerly Dayton Hudson, Target Corporation
operates about 1,550 stores in three formats: Target, a discount chain with more than 1,200 stores; 266 Mervyn's midrange
department stores, found mainly in the west and south; and Marshall Field's upscale department stores in the upper
Midwest. Target and its cousins, including SuperTarget and Target Greatland, account for more than 80% of Target
Corporation's sales and have carved out a niche by offering more upscale, fashion−forward merchandise than rivals
Wal−Mart and struggling Kmart. Target Corporation also owns catalog retailer Rivertown Trading and apparel supplier
Associated Merchandising.
Key Numbers
Company Type
Public (NYSE: TGT)
Fiscal Year−End
January
2004 Sales (mil.)
$48,163.0
1−Year Sales Growth
9.7%
2004 Net Income (mil.)
$1,841.0
1−Year Net Income Growth
11.3%
2003 Employees
306,000
1−Year Employee Growth
9.3%
Auditor
Ernst & Young LLP
Financial Overview
Last Close 16−Mar−2004
$45.29
52−Week High
$45.86
52−Week Low
$28.50
Basic EPS
$2.01
Price/Earnings Ratio
22.53
Current Ratio
1.55
R&D Expenditures (mil.)
−−
Ad Expenditures (mil.)
−−
% Owned by Institutions
85.30%
Report Builder − Target Corporation − Hoover's Online
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Officers & Employees
Title
Name
Age
Salary
Bonus
Chairman and CEO, Target
Corporation and Target Stores
Robert J. Ulrich
59
$1,423,014
$4,600,000
Vice Chairman
Gerald L. Storch
46
$794,131
$927,200
President, Target Stores
Gregg W. Steinhafel
49
$895,616
$1,155,930
EVP and CFO
Douglas A. Scovanner
47
$671,233
$671,951
EVP, General Counsel, and
Secretary
James T. Hale
62
EVP, Human Resources and
Assets Protection, Target
Corporation and The Associated
Merchandising Corporation
Todd V. Blackwell
41
EVP, Marketing
Michael R. Francis
40
EVP, Stores, Target Stores
Bart Butzer
46
$641,699
$835,446
SVP, Technology Services and
CIO
Paul L. Singer
49
SVP, Finance
Jane P. Windmeier
SVP, General Merchandise
Manager
Greg Duppler
SVP, Property Development
John D. Griffith
SVP, Target Stores
Trish Adams
VP and Treasurer
Stephen C. Kowalke
VP, Community Relations
Gail J. Dorn
VP, Total Compensation
Tracy Kofski
VP, Events Marketing and
Communication
John Remington
VP, Government Affairs
Nathan K. Garvis
VP, Investor Relations
Susan D. Kahn
VP, Law
Timothy R. Baer
VP, Media Relations
Carolyn Brookter
President and CEO, Associated
Merchandising Corp.
Richard J. Kuzmich
President, Marshall Field's
Linda L. Ahlers
53
$703,943
$172,583
President, Mervyn's
Diane L. Neal
46
President, Target Brands
Erica C. Street
President, target.direct
Dale Nitschke
41
Terrence J. Scully
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President, Target Financial
Services
EVP, Merchandising, Marshall
Field's
Luis A. Padilla
48
EVP, Merchandising, Mervyn's
Maureen W. Kyer
48
EVP, Store Operations, Marshall Ertugrul Tuzcu
Field's
VP, Merchandising, Target
Stores
Sandi Doyle
Group Director, Target Stores
Carmen Moch
Director, Community Relations
Laysha Ward
Director, Multicultural
Merchandising
Roberto Madrazo
Senior Manager, Community
Relations
Bernard Boudreaux
Assistant Treasurer
Jack N. Reif
Assistant Treasurer
Sara J. Ross
Manager, Campus Recruitment
Team
Jen Johnson
Manager, Risk Finance
Reesa Baker
50
Board Members
Title
Name
Age
Chairman and CEO, Target
Corporation and Target Stores
Robert J. Ulrich
59
Director
Roxanne S. Austin
43
Director
Calvin (Cal) Darden
54
Director
Roger A. Enrico
58
Director
William W. George
61
Director
Elizabeth (Betsy) Hoffman
56
Director
Michele J. Hooper
52
Director
James A. Johnson
60
Director
Richard M. (Dick) Kovacevich
59
Director
Anne M. Mulcahy
51
Director
Stephen W. Sanger
57
Director
Warren R. Staley
61
Director
George W. Tamke
55
Director
Solomon D. Trujillo
52
Report Builder − Target Corporation − Hoover's Online
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Industry Information
• Retail
♦ Discount & Variety Retail (primary)
◊ Warehouse Clubs & Superstores
♦ Apparel & Accessories Retail
◊ Footwear & Related Products Retail
♦ Department Stores
♦ Drug Stores & Pharmacies
♦ Grocery Retail
♦ Nonstore Retail
◊ Internet Retail
• Financial Services
♦ Lending
◊ Credit Cards
SIC Codes
2251
Women's hosiery, except socks
2252
Hosiery, nec
2311
Men's & boys' suits & coats
2321
Men's & boys' shirts
2322
Men's & boys' underwear & nightwear
2323
Men's & boys' neckwear
2325
Men's & boys' trousers & slacks
2329
Men's & boys' clothing, nec
2331
Women's &misses' blouses & shirts
2335
Women's, &misses' dresses
2337
Women's &misses' suits and coats
2339
Women's &misses' outerwear, necs
2341
Women's and children's underwear
2342
Bras, girdles, and allied garments
2361
Girls' & children's dresses, blouses
2369
Girls' & children's outerwear, nec
2384
Robes and dressing gowns
2385
Waterproof outerwear
2387
Apparel belts
2389
Apparel and accessories, nec
3142
House slippers
3143
Men's footwear, except athletic
3144
Women's footwear, except athletic
3171
Women's handbags and purses
3172
Personal leather goods, nec
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3631
Household cooking equipment
3639
Household appliances, nec
3651
Household audio and video equipment
3944
Games, toys, and children's vehicles
3949
Sporting and athletic goods, nec
3961
Costume jewelry
5136
Men's and boys' clothing
5137
Women's and children's clothing
5139
Footwear
5311
Department stores
5331
Variety stores
5399
Misc. general merchandise stores
5499
Miscellaneous food stores
5611
Men's & boys' clothing stores
5621
Women's clothing stores
5632
Women's accessory &specialty stores
5641
Children's and infants' wear stores
5651
Family clothing stores
5912
Drug stores and proprietary stores
6141
Personal credit institutions
6153
Short−term business credit
6159
Misc. business credit institutions
NAICS Codes
445110
Supermarkets and Other Grocery (except Convenience) Stores
446110
Pharmacies and Drug Stores
45211
Department Stores
452112
Discount Department Stores
452910
Warehouse Clubs and Supercenters
452990
All Other General Merchandise Stores
454111
Electronic Shopping
522210
Credit Card Issuing
Top Competitors
• Federated
• Kmart
• Wal−Mart
Report Builder − Target Corporation − Hoover's Online
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All Competitors
• Albertson's
• Bed Bath & Beyond
• Best Buy
• Costco Wholesale
• CVS
• Dillard's
• Dollar General
• eBay
• Euromarket Designs
• Federated
• Foot Locker
• Gap
• Gottschalks
• Home Depot
• J. C. Penney
• Kmart
• Kohl's
• Kroger
• Limited Brands
• Linens 'n Things
• May
• Neiman Marcus
• Nordstrom
• Ross Stores
• Saks Inc.
• Sears
• Spiegel
• SUPERVALU
• TJX
• Toys ''R'' Us
• Walgreen
• Wal−Mart
• Williams−Sonoma
Rankings
• #25 in FORTUNE 500
• S&P 500
• #103 in FT Global 500
Subsidiaries/Affiliates Covered By Hoover's Online
• Associated Merchandising Corporation
• Marshall Field's
• Mervyn's
• Target Receivables Corporation
Report Builder − Target Corporation − Hoover's Online
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Biographies
Robert J. Ulrich, Age 59
Chairman and CEO, Target Corporation and Target Stores, $1,423,014 salary, $4,600,000 bonus
Other Company Affiliations
Company
Title
YUM! Brands, Inc.
Director
Salary
Bonus
Recent Work Highlights
• Target Corporation
♦ 2001: Chairman and CEO, Target Corporation and Target Stores, $1,415,311 salary, $3,700,000 bonus
Biography
Robert J. Ulrich is Chairman of the Board, Chief Executive Officer and Chairman of the Executive Committee of the
Corporation and Chairman of the Board and Chief Executive Officer of Target Stores, a division of the Corporation. He
began his retailing career as a merchandising trainee in the Corporation's department store division in 1967 and advanced
through various management positions. He became Chairman and Chief Executive Officer of Target Stores in 1987 and
was elected Chairman and Chief Executive Officer of the Corporation in 1994. He is also a director of Yum! Brands, Inc.
(formerly known as Tricon Global Restaurants, Inc.).
Source: Proxy, April 14, 2003
Gerald L. Storch, Age 46
Vice Chairman, $794,131 salary, $927,200 bonus
Recent Work Highlights
• Target Corporation
♦ 2001: Vice Chairman, $752,060 salary, $531,037 bonus
Biography
Gerald L. Storch Vice Chairman of Registrant since January 2001, President, Financial Services and New Businesses of
Registrant from 1998 to 2001, President, Credit and Senior Vice President, Strategic Business Development of Registrant
from 1997 to 1998 and Senior Vice President of Registrant from 1993 to 1997.
Source: 10K, April 14, 2003
Gregg W. Steinhafel, Age 49
President, Target Stores, $895,616 salary, $1,155,930 bonus
Report Builder − Target Corporation − Hoover's Online
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Other Company Affiliations
Company
Title
Salary
The Toro Company
Director
Bonus
Recent Work Highlights
• Target Corporation
♦ 2001: President, Target Stores, $872,115 salary, $814,027 bonus
Biography
Gregg W. Steinhafel President of Target Stores since 1999 and Executive Vice President of Target Stores from 1994 to
1999.
Source: 10K, April 14, 2003
Douglas A. Scovanner, Age 47
EVP and CFO, $671,233 salary, $671,951 bonus
Other Company Affiliations
Company
Title
Salary
Target Receivables Corporation
President and Director
Bonus
Recent Work Highlights
• Target Corporation
♦ 2001: EVP and CFO, $647,211 salary, $446,495 bonus
Biography
Douglas A. Scovanner Executive Vice President and Chief Financial Officer of Registrant since February 2000 and Senior
Vice President and Chief Financial Officer of Registrant from 1994 to 2000.
Source: 10K, April 14, 2003
James T. Hale, Age 62
EVP, General Counsel, and Secretary
Other Company Affiliations
Company
Title
Tennant Company
Director
Salary
Report Builder − Target Corporation − Hoover's Online
Bonus
8
Biography
James T. Hale Executive Vice President, General Counsel and Corporate Secretary of Registrant since March 2000 and
Senior Vice President, General Counsel and Corporate Secretary of Registrant from 1981 to 2000.
Source: 10K, April 14, 2003
Todd V. Blackwell, Age 41
EVP, Human Resources and Assets Protection, Target Corporation and The Associated Merchandising
Corporation
Other Company Affiliations
Company
Title
Salary
Associated Merchandising Corporation
EVP Human Resources
Bonus
Recent Work Highlights
• Target Corporation
♦ Title held until 2003: SVP, Human Resources
Biography
Todd V. Blackwell Executive Vice President, Human Resources and Assets Protection of Registrant and of The
Associated Merchandising Corporation since February 2003. Senior Vice President, Human Resources of Registrant from
September 2000 to February 2003. Senior Vice President, Stores of Mervyn's from December 1998 to September 2000
and Regional Vice President, Stores of Mervyn's from August 1995 to December 1998.
Source: 10K, April 14, 2003
Michael R. Francis, Age 40
EVP, Marketing
Other Company Affiliations
Company
Title
Department 56, Inc.
Director
Piper Jaffray Companies
Director
Salary
Bonus
Recent Work Highlights
• Target Corporation
♦ Title held until 2003: SVP, Marketing
Report Builder − Target Corporation − Hoover's Online
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Biography
Michael R. Francis Executive Vice President, Marketing of Registrant since February 2003. Senior Vice President,
Marketing of Registrant from January 2001 to February 2003. Senior Vice President, Marketing and Visual
Merchandising of Marshall Field's from April 1996 to January 2001 and Senior Vice President, Marketing of Marshall
Field's from January 1995 to April 1996.
Source: 10K, April 14, 2003
Bart Butzer, Age 46
EVP, Stores, Target Stores, $641,699 salary, $835,446 bonus
Recent Work Highlights
• Target Corporation
♦ 2001: EVP, Stores, Target Stores, $622,115 salary, $598,215 bonus
Biography
Bart Butzer has served as Executive Vice President of Target Stores since April 2001. Butzer was President of Mervyn's
from 1997 to April 2001. Prior to that he was Regional Senior Vice President of Target Stores from 1991 to 1997.
Source: 10K, April 14, 2003
Paul L. Singer, Age 49
SVP, Technology Services and CIO
Biography
Paul L. Singer Senior Vice President, Technology Services and Chief Information Officer of Registrant since April 2000,
Senior Vice President, Information Services of Registrant from February 1999 to April 2000 and Vice President,
Information Services of Registrant from October 1993 to February 1999.
Source: 10K, April 14, 2003
John D. Griffith, Age 41
SVP, Property Development
Biography
John D. Griffith Senior Vice President, Property Development of Registrant since February 2000 and Vice President,
Construction of Registrant from January 1999 to February 2000. Vice President, Office Development at Ryan Companies
US, Inc., a real estate development company, from 1995 to 1998.
Source: 10K, April 14, 2003
Report Builder − Target Corporation − Hoover's Online
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Stephen C. Kowalke
VP and Treasurer
Other Company Affiliations
Company
Title
Salary
Target Receivables Corporation
VP, Treasurer, and Director
Bonus
Richard J. Kuzmich
President and CEO, Associated Merchandising Corp.
Other Company Affiliations
Company
Title
Salary
Associated Merchandising Corporation
President and CEO
Bonus
Linda L. Ahlers, Age 53
President, Marshall Field's, $703,943 salary, $172,583 bonus
Other Company Affiliations
Company
Title
Marshall Field's
President
U.S. Bancorp
Director
Salary
Bonus
Biography
Linda L. Ahlers President of Marshall Field's since 1996 and Executive Vice President, Merchandising of Marshall Field's
from 1995 to 1996.
Source: 10K, April 14, 2003
Diane L. Neal, Age 46
President, Mervyn's
Other Company Affiliations
Company
Title
Salary
Mervyn's
President
Report Builder − Target Corporation − Hoover's Online
Bonus
11
Biography
Diane L. Neal President of Mervyn's since April 2001, Divisional Merchandise Manager of Target Stores from February
2001 to April 2001, Director, Merchandise Planning of Target Stores from March 1999 to February 2001, and Director,
Sourcing for The Associated Merchandising Corporation, a subsidiary of Registrant, from April 1997 to March 1999.
Source: 10K, April 14, 2003
Terrence J. Scully
President, Target Financial Services
Other Company Affiliations
Company
Title
Target Receivables Corporation
VP and Director
Salary
Bonus
Recent Work Highlights
• Target Corporation
♦ 2003 − 2003, President−Designate, Target Financial Services
Luis A. Padilla, Age 48
EVP, Merchandising, Marshall Field's
Other Company Affiliations
Company
Title
Marshall Field's
EVP, Merchandising
Salary
Bonus
Biography
Luis A. Padilla Executive Vice President, Merchandising of Marshall Field's since July 2001 and Senior Vice President,
Merchandising, Softlines of Target Stores from July 1994 to July 2001.
Source: 10K, April 14, 2003
Maureen W. Kyer, Age 48
EVP, Merchandising, Mervyn's
Other Company Affiliations
Company
Title
Salary
Mervyn's
EVP, Merchandising
Report Builder − Target Corporation − Hoover's Online
Bonus
12
Biography
Maureen W. Kyer Executive Vice President, Merchandising of Mervyn's since 2001, Senior Vice President,
Merchandising of Mervyn's since 1996, Vice President, General Merchandise Manager of Mervyn's in 1996 and Vice
President, Merchandise Manager of Mervyn's from 1994 to 1996.
Source: 10K, April 15, 2002
Ertugrul Tuzcu, Age 50
EVP, Store Operations, Marshall Field's
Other Company Affiliations
Company
Title
Marshall Field's
EVP, Store Operations
Salary
Bonus
Biography
Ertugrul Tuzcu Executive Vice President, Store Operations of Marshall Field's since March 1996. Senior Vice President
of Marshall Field's from August 1995 to March 1996.
Source: 10K, April 14, 2003
Bernard Boudreaux
Senior Manager, Community Relations
Other Company Affiliations
Company
Title
Salary
Mervyn's
Senior Manager, Community Relations
Bonus
Roxanne S. Austin, Age 43
Director
Other Company Affiliations
Company
Title
Abbott Laboratories
Director
DIRECTV, Inc.
President and COO
Salary
Report Builder − Target Corporation − Hoover's Online
Bonus
13
Biography
Roxanne S. Austin is Executive Vice President of Hughes Electronics Corporation, a provider of digital television
entertainment and technology services, and President and Chief Operating Officer of its subsidiary, DIRECTV, Inc. She
joined Hughes in 1993 and has held various positions in finance. In July 1997, she was named Chief Financial Officer of
Hughes. In May 2001, she was elected Executive Vice President of Hughes and June 2001, she was named President and
Chief Operating Officer of DIRECTV. She is a director of Abbott Laboratories.
Source: Proxy, April 14, 2003
Calvin (Cal) Darden, Age 54
Director
Other Company Affiliations
Company
Title
Coca−Cola Enterprises Inc.
Director
United Parcel Service, Inc.
SVP US Operations and Director
Salary
Bonus
$435,600
$184,448
Biography
Calvin Darden is Senior Vice President of U.S. Operations of United Parcel Service, Inc., an express carrier and package
delivery company. He joined UPS in 1971 and has held various operational and managerial positions. In December 1997,
he was elected Senior Vice President of Domestic Operations and in January 2000 he was elected to his current position.
He is a director of United Parcel Service, Inc. Mr. Darden joined the board of directors of Target Corporation in 2003.
Source: Proxy, April 14, 2003
Roger A. Enrico, Age 58
Director
Other Company Affiliations
Company
Title
Belo Corp.
Director
Electronic Data Systems Corporation
Director
Salary
Bonus
Biography
Roger A. Enrico is the retired Chairman of the Board and Chief Executive Officer of PepsiCo, Inc., a domestic and
international beverage and food business. He joined PepsiCo in 1971. He was elected Chairman of the Board and Chief
Executive Officer of PepsiCo in 1996, and became Vice Chairman in May 2001. He retired in March 2002. He is a
director of Belo Corp., Electronic Data Systems Corp., PepsiCo, Inc. and The National Geographic Society.
Source: Proxy, April 14, 2003
Report Builder − Target Corporation − Hoover's Online
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William W. George, Age 61
Director
Other Company Affiliations
Company
Title
The Goldman Sachs Group, Inc.
Director
Salary
Bonus
Biography
William W. George is the former Chairman of the Board and Chief Executive Officer of Medtronic, Inc., a therapeutic
medical technology company. He joined Medtronic in 1989 as President and Chief Operating Officer. He was elected
Chief Executive Officer in 1991 and Chairman of the Board in 1996. He retired from his position as Chief Executive
Officer in April 2001 and as Chairman of the Board in April 2002. He is a director of The Goldman Sachs Group, Inc. and
Novartis AG.
Source: Proxy, April 14, 2003
Elizabeth (Betsy) Hoffman, Age 56
Director
Other Company Affiliations
Company
Title
University of Colorado
President
Salary
Bonus
Biography
Elizabeth Hoffman is President of The University of Colorado System. In 1997, she joined the University of Illinois at
Chicago as Provost and Vice Chancellor for Academic Affairs while holding concurrent academic appointments as
professor of economics, history, political science, psychology and professor in The Institute of Government and Public
Affairs. She held these positions until September 2000, when she was appointed to her current position. Ms. Hoffman
joined the board of directors of Target Corporation in 2003.
Source: Proxy, April 14, 2003
Michele J. Hooper, Age 52
Director
Other Company Affiliations
Company
Title
DaVita Inc.
Director
PPG Industries, Inc.
Director
Salary
Report Builder − Target Corporation − Hoover's Online
Bonus
15
Recent Work Highlights
• Caremark International Inc.
♦ Last position held, VP; President, International Business Group
Biography
Michele J. Hooper served as President and Chief Executive Officer of Voyager Expanded Learning, an educational
development company, from August 1999 to June 2000. She was Corporate Vice President, International Businesses,
Caremark International, Inc., a health care company, from 1993 to July 1998. In July 1998, she became President and
Chief Executive Officer of Stadtlander Drug Company, Inc., a pharmaceutical drug company, and served in that position
until January 1999 when that company was acquired. She is a director of PPG Industries, Inc.
Source: Proxy, April 14, 2003
James A. Johnson, Age 60
Director
Other Company Affiliations
Company
Title
Gannett Co., Inc.
Director
The Goldman Sachs Group, Inc.
Director
The John F. Kennedy Center for the Performing Arts
Chairman
KB Home
Director
Temple−Inland Inc.
Director
UnitedHealth Group Incorporated
Director
Salary
Bonus
Biography
James A. Johnson is Vice Chairman of Perseus, LLC, a merchant banking private equity firm. From 1991 to 1998, he
served as Chairman and Chief Executive Officer of Fannie Mae, a Congressionally−chartered financial services company,
and from 1998 to 1999, he was the Chairman of the Executive Committee of the Board of Fannie Mae. From December
1999 to April 2001, he served as Chairman and Chief Executive Officer of Johnson Capital Partners. In April 2001, he
was elected to his current position. He is a director of Gannett Co., Inc., The Goldman Sachs Group, Inc., KB Home,
Temple−Inland Inc. and UnitedHealth Group.
Source: Proxy, April 14, 2003
Richard M. (Dick) Kovacevich, Age 59
Director
Other Company Affiliations
Company
Title
Salary
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Bonus
16
Wells Fargo & Company
Chairman, President, and CEO
$995,000
$7,000,000
Recent Work Highlights
• Wells Fargo & Company
♦ 2001: Chairman, President, and CEO, $995,000 salary, $2,400,000 bonus
Biography
Richard M. Kovacevich is Chairman of the Board and Chief Executive Officer of Wells Fargo & Co., a banking and
financial services company. In 1995, he was elected Chairman of the Board and Chief Executive Officer of Norwest
Corp., a banking and financial services company, and held that position until Norwest merged with Wells Fargo in 1998,
when he was elected President and Chief Executive Officer. In April 2001 he was elected to his current positions. He is
also a director of Cargill, Inc.
Source: Proxy, April 14, 2003
Anne M. Mulcahy, Age 51
Director
Other Company Affiliations
Company
Title
Fannie Mae
Director
Xerox Corporation
Chairman and CEO
Salary
Bonus
$1,000,000
$1,500,000
Recent Work Highlights
• Xerox Corporation
♦ 2001: Chairman and CEO, $1,000,000 salary, $1,250,000 bonus
Biography
Anne M. Mulcahy is Chairman of the Board and Chief Executive Officer of Xerox Corp., a document management
company. She joined Xerox in 1976 and has held various management positions in marketing, human resources and
operations. From 1997 to 1998, she was Vice President and Chief Staff Officer. She served as Executive Vice President;
President, General Markets Operations from 1998 until May 2000, and President and Chief Operating Officer from May
2000 through July 2001. In August 2001 she was elected Chief Executive Officer and in January 2002 she was elected
Chairman of the Board. She is also a director of Fannie Mae.
Source: Proxy, April 14, 2003
Stephen W. Sanger, Age 57
Director
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Other Company Affiliations
Company
Title
Donaldson Company, Inc.
Director
General Mills, Inc.
Chairman and CEO
Wells Fargo & Company
Director
Salary
Bonus
$875,500
$1,625,147
Recent Work Highlights
• General Mills, Inc.
♦ 2002: Chairman and CEO, $784,462 salary, $941,044 bonus
♦ 2001: Chairman and CEO, $696,150 salary, $1,261,100 bonus
Biography
Stephen W. Sanger is Chairman of the Board and Chief Executive Officer of General Mills, Inc., a consumer food
products company. He joined General Mills in 1974 and held a series of positions in marketing and management across
the company's consumer food businesses. In 1995, he was elected to his current positions. He is also a director of
Donaldson Company, Inc.
Source: Proxy, April 14, 2003
Warren R. Staley, Age 61
Director
Other Company Affiliations
Company
Title
Cargill, Incorporated
Chairman and CEO
U.S. Bancorp
Director
Salary
Bonus
Biography
Warren R. Staley is Chairman of the Board and Chief Executive Officer of Cargill, Inc., an international marketer,
processor and distributor of agricultural, food, financial and industrial products and services. He joined Cargill in 1969
and has held various merchandising, administrative and management positions. He served as President and Chief
Operating Officer from February 1998 until June 1999 and as President and Chief Executive Officer from June 1999 until
August 2000, when he was elected to his current positions. He is also a director of U.S. Bancorp.
Source: Proxy, April 14, 2003
George W. Tamke, Age 55
Director
Report Builder − Target Corporation − Hoover's Online
18
Other Company Affiliations
Company
Title
Clayton, Dubilier & Rice, Inc.
General Partner
Salary
Bonus
Biography
George W. Tamke is a Partner with Clayton, Dubilier & Rice, Inc., a private investment firm. He served as President of
Emerson Electric Company, a manufacturer of electrical and electronic equipment, in 1997, as President and Chief
Operating Officer from 1997 to 1999 and as Vice Chairman and Co−Chief Executive Officer from 1999 to February 2000.
He assumed his current position in March 2000. He is a director of ICO Global Communications (Holdings) Ltd. and
Kinko's, Inc.
Source: Proxy, April 14, 2003
Solomon D. Trujillo, Age 52
Director
Other Company Affiliations
Company
Title
Salary
France Telecom SA
SEVP; Chairman and CEO, Orange SA
Gannett Co., Inc.
Director
Orange SA
Chairman and CEO
PepsiCo, Inc.
Director
Bonus
Recent Work Highlights
• Graviton, Inc.
♦ Last position held, Chairman, President, and CEO
• U S WEST, Inc.
♦ Last position held, Chairman, President and CEO
Biography
Solomon D. Trujillo is Chief Executive Officer and a director of Orange SA, a telecommunications company. From 1995
until June 1998, he was President and Chief Executive Officer of US WEST Communications Group, Inc., a business of
US WEST, Inc., a telephone communications company which was merged with and into Qwest Corporation in June 2000.
From June 1998 until November 2000, he served as Chairman, President and Chief Executive Officer of US West. In
November 2000, he was elected Chairman, President and Chief Executive Officer of Graviton, Inc., a wireless
communication technology company, positions he held until February 2003. He was elected to his current position in
February 2003. He is also a director of Gannett Co., Inc. and PepsiCo, Inc.
Source: Proxy, April 14, 2003
Report Builder − Target Corporation − Hoover's Online
19
Overview
Target stores are at the center of Target Corporation's retail empire. Formerly Dayton Hudson, Target Corporation
operates about 1,550 stores in three formats: Target, a discount chain with more than 1,200 stores; 266 Mervyn's midrange
department stores, found mainly in the west and south; and Marshall Field's upscale department stores in the upper
Midwest. Target and its cousins, including SuperTarget and Target Greatland, account for more than 80% of Target
Corporation's sales and have carved out a niche by offering more upscale, fashion−forward merchandise than rivals
Wal−Mart and struggling Kmart. Target Corporation also owns catalog retailer Rivertown Trading and apparel supplier
Associated Merchandising.
The company's namesake discount store division is expanding aggressively in the Northeast and Mid−Atlantic. It is
expanding its SuperTarget format (most recently in Texas), a newer 174,000−sq.−ft. grocery/discount store concept that
includes groceries under the Archer Farms brand. Other formats include Target Greatland (70% larger than regular
Targets) and a growing online store called target.direct. Target is also testing dollar sections, called One−Stop, in some
stores. The chain will also build two new import warehouses in a bid to increase direct sourcing. A 156,000−square−foot
store in the Bronx is slated to open in 2004.
Target has distinguished itself from rival Wal−Mart Stores and grown to become the nation's #2 discounter by employing
a strategy that relies on exclusive private−label offerings from big name designers. Fashion designer Isaac Mizrahi joined
the discounter's stable of in−house talent in mid−2003 offering a line of chic and affordable women's apparel and
accessories. Other designers with exclusive lines at Target include Amy Coe (children's bedding and accessories), Liz
Lange (maternity), Mossimo (junior fashions), and the architect Michael Graves (housewares).
Target Corporation has repositioned its Hudson's and Dayton's chains all under the Marshall Field's banner and is closing
or selling off under performing stores, most recently two stores in Columbus, Ohio, to rival The May Department Stores
Company. It plans to lease large portions of Field's flagship State Street store in Chicago (second in size only to Macy's
Herald Square location) to outside upscale vendors to boost sales per square foot.
Mervyn's, meanwhile, is being squeezed by both discounters (including a newcomer to California, Kohl's) and higher−end
retailers. After years of struggling to revive its Mervyn's and Marshall Field's operations, Target Corp. has hired Goldman
Sachs to possibly sell one or both of the chains, whose book value is about $1.8 billion each.
The nation's #2 discounter is #1 when it comes to corporate giving. Target topped the Forbes list of America's Most
Philanthropic Companies in 2001, donating 2.5% of its 2000 income (nearly $86 million). By comparison Wal−Mart gave
away $116.5 million in 2001, less than 1% of its income in 2000.
Target plans to drop paid vacation and health insurance coverage for part−time workers at its Target stores.
Report Builder − Target Corporation − Hoover's Online
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History
The panic of 1873 left Joseph Hudson bankrupt. After he paid his debts at 60 cents on the dollar, he saved enough to open
a men's clothing store in Detroit in 1881. Among his innovations were merchandise−return privileges and price marking
in place of bargaining. By 1891 Hudson's was the largest retailer of men's clothing in the US. Hudson repaid his creditors
from 1873 in full, with interest. When Hudson died in 1912, four nephews expanded the business.
Former banker George Dayton established a dry−goods store in 1902 in Minneapolis. Like Hudson, he offered return
privileges and liberal credit. His store grew to a 12−story, full−line department store.
After WWII both companies saw that the future lay in the suburbs. In 1954 Hudson's built Northland in Detroit, then the
largest US shopping center. Dayton's built the world's first fully enclosed shopping mall in Edina, a Minneapolis suburb,
in 1956. In 1962 Dayton's opened its first discount store in Roseville (naming the store Target to distinguish the
discounter from its higher−end department stores).
Dayton's went public in 1966, the same year it began the B. Dalton bookstore chain. Three years later it merged with the
family−owned Hudson's, forming Dayton Hudson. Dayton Hudson purchased more malls and invested in such specialty
areas as consumer electronics and hard goods. Target had 24 stores by 1970.
The Target chain became the company's top moneymaker in 1977. The next year Dayton Hudson bought
California−based Mervyn's. In the late 1970s and 1980s, it sold nine regional malls and several other businesses, including
the 800−store B. Dalton chain to Barnes & Noble. The Target stores division purchased Indianapolis−based Ayr−Way
(1980) and Southern California−based Fedmart stores (1983). In the late 1980s Dayton Hudson took Target to Los
Angeles and the Northwest. Robert Ulrich, who began with the company as a merchandise trainee in 1967, became
president and CEO of the Target stores division in 1987 and chairman and CEO of Dayton Hudson in 1994.
Dayton Hudson opened the first Target Greatland store in 1990. By this time it had 420 Target stores. Also that year
Dayton Hudson bought the Marshall Field's chain of 24 department stores from B.A.T Industries. Marshall Field's began
as a dry−goods business that Marshall Field bought in 1865 and subsequently built into Chicago's premier upscale retailer.
SuperTarget stores were introduced in 1995. The Target stores division opened stores in the Mid−Atlantic and Northeast
the next year, while the department store division began selling off its Marshall Field's locations in Texas.
In 1998 Dayton Hudson boosted its Internet presence by purchasing direct−marketing company Rivertown Trading; it also
bought apparel supplier Associated Merchandising that year. In 2000 Dayton Hudson renamed itself Target Corporation.
In early 2001 the company renamed its Dayton's and Hudson's chains Marshall Field's. Also that year Target acquired the
rights to 35 former Montgomery Wards stores from the bankrupt retailer. The following year it opened 30 of them as
Target stores. Net of closings, 94 Target stores opened in 2002, while neither Mervyn's nor Marshall Field's added to their
store counts.
In March 2003, three new SuperTarget stores opened in the Dallas/Fort Worth area.
Report Builder − Target Corporation − Hoover's Online
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Products/Operations
2003 Discount & Midrange Stores
Target
Mervyn's
California
175
124
Texas
98
42
Florida
73
−
Minnesota
62
9
Illinois
59
−
Michigan
52
15
Ohio
41
−
Georgia
37
−
Arizona
35
15
Indiana
34
−
New York
32
−
Virginia
29
−
Washington
29
14
Wisconsin
29
−
Colorado
28
11
New Jersey
26
−
Pennsylvania
26
−
Missouri
24
−
North Carolina
24
−
Maryland
23
−
Tennessee
20
−
Iowa
19
−
Massachusetts
15
−
Oregon
15
7
Nevada
13
6
Kentucky
12
−
South Carolina
12
−
Kansas
11
−
Nebraska
10
−
Alabama
9
−
Louisiana
9
6
Oklahoma
9
3
New Mexico
8
3
Utah
8
8
Montana
6
−
Connecticut
5
−
Idaho
5
1
North Dakota
4
−
South Dakota
4
−
Arkansas
3
−
New Hampshire
3
−
Delaware
2
−
Mississippi
2
−
Rhode Island
2
−
West Virginia
2
−
Wyoming
2
−
Maine
1
−
Total
1,147
264
2003 Upscale Department Stores
Marshall Field's
No.
Michigan
21
Illinois
17
Minnesota
12
Wisconsin
5
North Dakota
3
Ohio
3
Report Builder − Target Corporation − Hoover's Online
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Indiana
South Dakota
Total
2
1
64
Target
Mervyn's
Marshall Field's
Other
2003 Sales
$ mil.
% of total
36,917
84
3,816
9
2,691
6
493
1
Total
43,917
100
Selected Designer Private Labels
• Amy Coe (children's bedding & accessories)
• Isaac Mizrahi (women's apparel & accessories)
• Liz Lange (maternity)
• Michael Graves (housewares)
• Mossimo (junior fashions)
• Sonia Kashuk (cosmetics & fragrances)
• Todd Oldham (bedding & furniture)
Selected Private Labels
• Archer Farms (food)
• Cherokee (apparel)
• Furio (housewares)
• Honors (apparel)
• In Due Time (maternity wear)
• Merona (apparel)
• Utility (apparel)
• Xhilaration (apparel)
Store Formats
• Marshall Field's (upscale department stores in the Midwest)
• Mervyn's (midrange department stores, primarily in the Midwest and West)
• SuperTarget (groceries and general merchandise)
• Target (upscale discount stores)
• Target Greatland (about 70% larger than the average Target)
Other Operations
• Associated Merchandising Corporation (apparel sourcing for department stores)
• Rivertown Trading (catalogs and e−commerce)
• Britannia (British video and gifts)
• I Love A Deal (apparel, housewares, and jewelry)
• Seasons (traditional)
• Signals (educational)
• Wireless (home electronics)
Archived Charts
Report Builder − Target Corporation − Hoover's Online
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California
Texas
Florida
Minnesota
Illinois
Michigan
Ohio
Arizona
Indiana
Georgia
Washington
Wisconsin
Virginia
Colorado
New York
North Carolina
Pennsylvania
Maryland
New Jersey
Missouri
Iowa
Tennessee
Nevada
Kentucky
Oregon
Massachusetts
Kansas
Nebraska
South Carolina
Utah
New Mexico
Oklahoma
Alabama
Montana
Idaho
Connecticut
Louisiana
North Dakota
South Dakota
New Hampshire
Arkansas
Delaware
Mississippi
Wyoming
Maine
Rhode Island
West Virginia
Total
Michigan
Illinois
Minnesota
Wisconsin
North Dakota
Ohio
Indiana
South Dakota
Total
2002 Discount & Midrange Stores
Target
Mervyn's
159
124
95
42
69
−
59
9
53
−
50
15
38
−
34
15
34
−
33
−
28
14
28
−
26
−
25
11
25
−
24
−
23
−
22
−
21
−
20
−
19
−
19
−
12
6
12
−
11
7
11
−
10
−
10
−
10
−
8
8
8
3
8
3
7
−
6
−
5
1
5
−
4
6
4
−
4
−
3
−
2
−
2
−
2
−
2
−
1
1
−
1
−
1,053
264
2002 Upscale Department Stores
Marshall Field's
No.
21
17
12
5
3
3
2
1
64
Report Builder − Target Corporation − Hoover's Online
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2002 Sales
Target
Mervyn's
Marshall Field's
Corporate & other
$ mil.
32,588
4,038
2,829
433
Total
39,888
% of total
82
10
7
1
100
Report Builder − Target Corporation − Hoover's Online
25
Other Resources Available On Hoover's Online
News for Target (last 90 days)
Company Press Release Archive
Other Resources
• Headquarters Map
• SEC Filings
♦ 10−K Filings
• Stock Quote
• Stock Chart
• Earnings Estimates
• ValuEngine Analysis
• Annual Report
• Investor Relations
• Financial Data Definitions
• Market Data Definitions
• Comparison Data Definitions
• Historical Financials & Employees Definitions
Related Products From Our Trusted Partners
Buy Reports and Books
Additional Research On Target
• D&B Business/Credit Reports: Target Corporation
• Corporate Hierarchy
(D&B, Feb 1, 2004, Business Reports)
• Target Corporation: Company Profile
(Datamonitor, Feb 1, 2004, Business Reports)
• Quantitative Report for TGT
(ValuEngine, Inc., Jan 1, 2004, Business Reports)
• Mortgages on Aisle Five: The Trend Toward Financial Supermarkets in
the Financial Services Industry
(Hoover's, Inc., Feb 1, 2004, Business Reports)
• Drugs & Druggists' Sundries Wholesale Major Companies Report
(Harris Industry Reports, Aug 12, 2003, Business Reports)
• Credit Cards: Financial Analysis Profiles
(BizMiner, Dec 23, 2003, Business Reports)
• All Other General Merchandise Stores in the US
(IBISWorld, Jan 28, 2004, Business Reports)
• Special Package: Online Retail Strategies and Projections
(Forrester Research Inc, Jan 1, 2001, Business Reports)
Additional 3rd Party Libraries
Report Builder − Target Corporation − Hoover's Online
26
Annual Financials
All amounts in millions of US Dollars
Income Statement
Jan 04 (Prelim.)
Jan 03
Jan 02
48,163.0
43,917.0
39,888.0
Cost of Goods Sold
−−
29,260.0
27,246.0
Gross Profit
−−
14,657.0
12,642.0
Gross Profit Margin
−−
33.4%
31.7%
SG&A Expense
−−
10,181.0
8,883.0
Depreciation & Amortization
−−
1,212.0
1,079.0
Operating Income
−−
3,264.0
2,680.0
Operating Margin
−−
7.4%
6.7%
Nonoperating Income
−−
0.0
0.0
Nonoperating Expenses
−−
588.0
464.0
Income Before Taxes
−−
2,676.0
2,216.0
Income Taxes
−−
1,022.0
842.0
Net Income After Taxes
−−
1,654.0
1,374.0
1,841.0
1,654.0
1,374.0
0.0
0.0
0.0
Total Operations
1,841.0
1,654.0
1,374.0
Total Net Income
1,841.0
1,654.0
1,368.0
Net Profit Margin
3.8%
3.8%
3.4%
Diluted EPS from Continuing Operations ($)
2.01
1.81
1.51
Diluted EPS from Discontinued Operations ($)
0.00
0.00
0.00
Diluted EPS from Total Operations ($)
2.01
1.81
1.51
0.26
0.24
0.22
Jan 04 (Prelim.)
Jan 03
Jan 02
Cash
−−
758.0
499.0
Net Receivables
−−
5,565.0
3,831.0
Inventories
−−
4,760.0
4,449.0
Revenue
Continuing Operations
Discontinued Operations
Diluted EPS from Total Net Income ($)
Dividends per Share
Balance Sheet
Assets
Current Assets
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Other Current Assets
−−
852.0
869.0
Total Current Assets
−−
11,935.0
9,648.0
Net Fixed Assets
−−
15,307.0
13,533.0
Other Noncurrent Assets
−−
1,361.0
973.0
Total Assets
−−
28,603.0
24,154.0
Jan 04 (Prelim.)
Jan 03
Jan 02
Accounts Payable
−−
4,684.0
4,160.0
Short−Term Debt
−−
975.0
905.0
Other Current Liabilities
−−
1,864.0
1,989.0
Total Current Liabilities
−−
7,523.0
7,054.0
Long−Term Debt
−−
10,186.0
8,088.0
Other Noncurrent Liabilities
−−
0.0
0.0
Total Liabilities
−−
19,160.0
16,294.0
Preferred Stock Equity
−−
0.0
0.0
Common Stock Equity
−−
9,443.0
7,860.0
Total Equity
−−
9,443.0
7,860.0
911.5
909.8
902.8
Jan 04 (Prelim.)
Jan 03
Jan 02
Net Operating Cash Flow
−−
1,590.0
1,992.0
Net Investing Cash Flow
−−
(3,189.0)
(3,310.0)
Net Financing Cash Flow
−−
1,858.0
1,461.0
Net Change in Cash
−−
259.0
143.0
Depreciation & Amortization
−−
1,212.0
1,079.0
Capital Expenditures
−−
(3,221.0)
(3,163.0)
Cash Dividends Paid
Data Definitions
−−
(218.0)
(203.0)
Liabilities and Shareholders' Equity
Current Liabilities
Shareholders' Equity
Shares Outstanding (mil.)
Cash Flow Statement
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
, Richmond, Virginia
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Quarterly Financials
All amounts in millions of US Dollars except per share amounts.
Income Statement
Revenue
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
15,571.0
11,286.0
10,984.0
10,322.0
14,061.0
Cost of Goods Sold
−−
7,444.0
7,245.0
6,764.0
9,562.0
Gross Profit
−−
3,842.0
3,739.0
3,558.0
4,499.0
Gross Profit Margin
−−
34.0%
34.0%
34.5%
32.0%
SG&A Expense
−−
2,900.0
2,676.0
2,536.0
2,909.0
Depreciation & Amortization
−−
330.0
329.0
317.0
323.0
Operating Income
−−
612.0
734.0
705.0
1,267.0
Operating Margin
−−
5.4%
6.7%
6.8%
9.0%
Nonoperating Income
−−
0.0
0.0
0.0
0.0
Nonoperating Expenses
−−
131.0
156.0
142.0
154.0
Income Before Taxes
−−
481.0
578.0
563.0
1,113.0
Income Taxes
−−
179.0
220.0
214.0
425.0
Net Income After Taxes
−−
302.0
358.0
349.0
688.0
832.0
302.0
358.0
349.0
688.0
0.0
0.0
0.0
0.0
0.0
Total Operations
832.0
302.0
358.0
349.0
688.0
Total Net Income
832.0
302.0
358.0
349.0
688.0
Net Profit Margin
5.3%
2.7%
3.3%
3.4%
4.9%
Diluted EPS from
Continuing Operations ($)
0.91
0.33
0.39
0.38
0.75
Diluted EPS from
Discontinued Operations ($)
0.00
0.00
0.00
0.00
0.00
Diluted EPS from Total
Operations ($)
0.91
0.33
0.39
0.38
0.75
0.07
0.07
0.06
0.06
0.06
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
Continuing Operations
Discontinued Operations
Diluted EPS from Total Net
Income ($)
Dividends per Share
Balance Sheet
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Report Builder − Target Corporation − Hoover's Online
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Assets
Current Assets
Cash
−−
495.0
429.0
452.0
758.0
Net Receivables
−−
5,367.0
5,343.0
5,275.0
5,565.0
Inventories
−−
6,269.0
4,944.0
4,944.0
4,760.0
Other Current Assets
−−
1,153.0
1,257.0
1,321.0
852.0
Total Current Assets
−−
13,284.0
11,973.0
11,992.0
11,935.0
Net Fixed Assets
−−
16,628.0
16,205.0
15,663.0
15,307.0
Other Noncurrent Assets
−−
1,512.0
1,456.0
1,517.0
1,361.0
Total Assets
−−
31,424.0
29,634.0
29,172.0
28,603.0
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
Liabilities and
Shareholders' Equity
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Current Liabilities
Accounts Payable
−−
5,327.0
4,470.0
4,411.0
4,684.0
Short−Term Debt
−−
1,475.0
767.0
713.0
975.0
Other Current Liabilities
−−
1,794.0
1,724.0
1,677.0
1,864.0
Total Current Liabilities
−−
8,596.0
6,961.0
6,801.0
7,523.0
Long−Term Debt
−−
11,003.0
11,088.0
11,118.0
10,186.0
Other Noncurrent Liabilities
−−
0.0
0.0
0.0
0.0
Total Liabilities
−−
21,159.0
19,590.0
19,412.0
19,160.0
Preferred Stock Equity
−−
0.0
0.0
0.0
0.0
Common Stock Equity
−−
10,265.0
10,044.0
9,760.0
9,443.0
Total Equity
−−
10,265.0
10,044.0
9,760.0
9,443.0
911.5
911.5
910.9
910.8
909.8
Quarter Quarter Ending
Ending Jul 03
Apr 03
Quarter
Ending
Jan 03
Shareholders' Equity
Shares Outstanding (mil.)
Cumulative Cash Flow
Statement
Quarter Ending Jan Quarter Ending
04 (Prelim.)
Oct 03
Net Operating Cash Flow
−−
846.0
563.0
(245.0)
1,590.0
Net Investing Cash Flow
−−
(2,295.0)
(1,516.0)
(655.0)
(3,189.0)
Net Financing Cash Flow
−−
1,186.0
624.0
594.0
1,858.0
Net Change in Cash
−−
(263.0)
(329.0)
(306.0)
259.0
Report Builder − Target Corporation − Hoover's Online
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Depreciation & Amortization
−−
330.0
329.0
317.0
323.0
Capital Expenditures
−−
(2,330.0)
(1,541.0)
(674.0)
(3,221.0)
Cash Dividends Paid
−−
(173.0)
(109.0)
(55.0)
(218.0)
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
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31
Historical Financials & Employees
Income Statement
Year
Revenue
($ mil.)
Net Income
($ mil.)
Net Profit
Margin
Employees
Jan 03
43,917.0
1,654.0
3.8%
306,000
Jan 02
39,888.0
1,368.0
3.4%
280,000
Jan 01
36,903.0
1,264.0
3.4%
254,000
Jan 00
33,702.0
1,144.0
3.4%
214,000
Jan 99
30,951.0
935.0
3.0%
244,000
Jan 98
27,757.0
751.0
2.7%
230,000
Jan 97
25,371.0
463.0
1.8%
218,000
Jan 96
23,516.0
311.0
1.3%
214,000
Jan 95
21,311.0
434.0
2.0%
194,000
Jan 94
19,233.0
375.0
1.9%
174,000
Stock History
Stock Price ($)
Year
P/E
Per Share ($)
FY
High
FY
Low
FY
Close
High
Low
Earns.
Div.
Book
Value
Jan 03
46.2
24.9
28.2
25.5
13.8
1.8
0.2
10.4
Jan 02
44.4
26.0
44.4
29.4
17.2
1.5
0.2
8.7
Jan 01
39.2
21.6
38.0
28.4
15.7
1.4
0.2
7.3
Jan 00
38.5
27.1
32.9
30.3
21.4
1.2
0.2
6.4
Jan 99
32.2
15.7
31.9
31.6
15.4
1.0
0.1
6.0
Jan 98
18.6
9.4
18.0
21.9
11.1
0.8
0.2
5.1
Jan 97
10.2
6.1
9.4
20.3
12.1
0.5
0.2
4.4
Jan 96
6.7
5.3
6.2
20.3
16.0
0.3
0.2
4.0
Jan 95
7.2
5.4
5.7
15.7
11.7
0.5
0.1
3.8
Jan 94
7.1
5.2
5.5
17.7
13.0
0.4
0.1
3.3
2003 Year−End Financials
Debt ratio
107.9%
Return on equity
17.5%
Cash ($ mil.)
758.0
Current ratio
1.59
Long−term debt ($ mil.)
10,186.0
Report Builder − Target Corporation − Hoover's Online
32
Shares Outstanding (mil.)
909.8
Dividend yield
0.9%
Dividend payout
13.3%
Market value ($ mil.)
25,665.5
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
, Richmond, Virginia
33
Market Data
Current Information
Last Close 16−Mar−2004
$45.29 Price/Sales Ratio
0.86
52−Week High
$45.86 Price/Book Ratio
4.02
52−Week Low
$28.50 Price/Earnings Ratio
60−Month Beta
22.53
1.0 Price/Cash Flow Ratio
Market Value (mil.)
Shares Outstanding (mil.)
Dividend Rate
13.77
$41,280.1 Return on Assets
5.9%
911.5 Return on Equity
17.9%
0.28 Current Ratio
1.55
Dividend Yield
0.6% Long−Term Debt/Equity
−−
# of Institutional Holders
1,875 % Owned by Institutions
85.3%
Latest Short Interest Ratio
Growth Rates
Revenue Growth
EPS Growth
Dividend Growth
2.40 Latest Net Insider Transactions
0.00
12 Month
36 Month
60 Month
9.7%
9.4%
9.2%
11.1%
14.0%
13.8%
8.3%
7.5%
11.1%
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
, Richmond, Virginia
34
Comparison Data
Company
Industry1
Market2
35.60%
24.08%
48.19%
Pre−Tax Profit Margin
5.68%
5.05%
6.72%
Net Profit Margin
3.82%
3.18%
3.78%
Return on Equity
17.9%
18.8%
7.4%
Return on Assets
5.9%
7.8%
1.2%
Return on Invested Capital
8.7%
12.5%
3.7%
Company
Industry1
Market2
0.86
0.91
1.39
22.53
28.96
36.25
4.02
5.36
2.71
13.77
18.96
13.91
Company
Industry1
Market2
40.12
7.90
59.16
Inventory Turnover
5.2
7.1
7.6
Days Cost of Goods Sold in Inventory
69
50
48
Asset Turnover
1.6
2.5
0.3
Net Receivables Turnover Flow
9.4
45.9
6.2
38.0%
35.9%
42.4%
Company
Industry1
Market2
1.55
1.16
1.41
0.7
0.3
1.0
Leverage Ratio
3.06
2.40
5.95
Total Debt/Equity
1.22
0.61
1.40
Interest Coverage
5.70
11.20
2.20
Company
Industry1
Market2
52.84
52.06
19.86
Fully Diluted Earnings Per Share
from Total Operations
2.01
1.63
0.76
Dividends Per Share
0.26
0.25
0.43
Cash Flow Per Share
3.29
2.49
1.98
Working Capital Per Share
5.14
1.09
2.22
Long−Term Debt Per Share
12.07
4.43
10.29
Book Value Per Share
11.26
8.80
10.15
Profitability
Gross Profit Margin
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Per Share Data ($)
Revenue Per Share
Report Builder − Target Corporation − Hoover's Online
35
Total Assets Per Share
34.48
21.09
60.41
Company
Industry1
Market2
9.7%
2.1%
6.1%
12−Month Net Income Growth
11.3%
1.6%
129.0%
12−Month EPS Growth
11.1%
1.2%
137.5%
12−Month Dividend Growth
8.3%
4.2%
4.9%
36−Month Revenue Growth
9.4%
4.9%
2.3%
36−Month Net Income Growth
14.1%
13.8%
(11.4%)
36−Month EPS Growth
14.0%
16.9%
(12.0%)
7.5%
8.6%
2.2%
Growth
12−Month Revenue Growth
36−Month Dividend Growth
1Industry:
Discount, Variety Stores
Industry classifications
are from Media General Financial Services, Inc.
2
.
Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
, Richmond, Virginia
36
Competitive Landscape
KEY: Best of Group. Companies listed are Top Competitors.
Target
Federated
Kmart 1
Wal−Mart
48,163.0
15,264.0
30,762.0
256,329.0
−−
−−
212,000
−−
41,280.1
9,316.1
−−
250,894.2
Profitability
Target
Federated
Kmart 1
Wal−Mart
Industry2
Market3
Gross Profit Margin
35.60%
44.83%
−−
24.72%
24.08%
48.19%
Pre−Tax Profit Margin
5.68%
6.23%
−−
5.33%
5.05%
6.72%
Net Profit Margin
3.82%
4.54%
−−
3.53%
3.18%
3.78%
Return on Equity
17.9%
12.5%
−−
21.5%
18.8%
7.4%
Return on Assets
5.9%
4.7%
−−
8.6%
7.8%
1.2%
Return on Invested Capital
8.7%
8.0%
−−
14.6%
12.5%
3.7%
Target
Federated
1
Wal−Mart
2
Market3
0.86
0.61
−−
0.98
0.91
1.39
22.53
13.89
−−
28.00
28.96
36.25
4.02
1.68
−−
5.95
5.36
2.71
13.77
7.25
−−
19.78
18.96
13.91
Target
Federated
Kmart 1
Wal−Mart
Industry2
Market3
40.12
68.54
−−
1.56
7.90
59.16
Inventory Turnover
5.2
1.9
−−
6.3
7.1
7.6
Days Cost of Goods Sold in Inventory
69
193
−−
57
50
48
Asset Turnover
1.6
1.0
−−
2.6
2.5
0.3
Net Receivables Turnover Flow
9.4
5.4
−−
168.2
45.9
6.2
38.0%
39.6%
−−
35.1%
35.9%
42.4%
Target
Federated
Kmart 1
Wal−Mart
Industry2
Market3
1.55
1.75
−−
0.94
1.16
1.41
0.7
0.7
−−
0.1
0.3
1.0
Leverage Ratio
3.06
2.66
−−
2.49
2.40
5.95
Total Debt/Equity
1.22
0.72
−−
0.66
0.61
1.40
Interest Coverage
5.70
4.40
−−
14.50
11.20
2.20
Target
Federated
1
Wal−Mart
2
Market3
52.84
84.43
−−
59.23
52.06
19.86
2.01
3.71
−−
2.07
1.63
0.76
Key Numbers
Annual Sales ($mil.)
Employees
Market Value ($mil.)
Valuation
Price/Sales Ratio
Price/Earnings Ratio
Price/Book Ratio
Price/Cash Flow Ratio
Operations
Days of Sales Outstanding
Effective Tax Rate
Financial
Current Ratio
Quick Ratio
Per Share Data ($)
Revenue Per Share
Fully Diluted Earnings Per Share
from Total Operations
Kmart
Kmart
Report Builder − Target Corporation − Hoover's Online
Industry
Industry
37
Dividends Per Share
0.26
0.38
−−
0.36
0.25
0.43
Cash Flow Per Share
3.29
7.11
−−
2.93
2.49
1.98
Working Capital Per Share
5.14
18.23
−−
(0.56)
1.09
2.22
Long−Term Debt Per Share
12.07
17.43
−−
4.61
4.43
10.29
Book Value Per Share
11.26
30.70
−−
9.74
8.80
10.15
Total Assets Per Share
34.48
81.59
−−
24.22
21.09
60.41
Target
Federated
Kmart 1
Wal−Mart
Industry2
Market3
9.7%
(1.1%)
−−
4.8%
2.1%
6.1%
12−Month Net Income Growth
11.3%
(15.3%)
−−
12.6%
1.6%
129.0%
12−Month EPS Growth
11.1%
(10.0%)
−−
14.4%
1.2%
137.5%
12−Month Dividend Growth
8.3%
−−
−−
20.0%
4.2%
4.9%
36−Month Revenue Growth
9.4%
(5.6%)
−−
10.4%
4.9%
2.3%
36−Month Net Income Growth
14.1%
−−
−−
13.6%
13.8%
(11.4%)
36−Month EPS Growth
14.0%
−−
−−
14.7%
16.9%
(12.0%)
7.5%
−−
−−
13.7%
8.6%
2.2%
Growth
12−Month Revenue Growth
36−Month Dividend Growth
1
Data unavailable.
Industry: Discount, Variety Stores
Industry classifications
are from Media General Financial Services, Inc.
.
3 Public companies trading on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ National Market.
2
Data Definitions
Some financial information provided by Media General Financial Services, Inc.
Report Builder − Target Corporation − Hoover's Online
, Richmond, Virginia
38
Copyright 2004, Hoover's, Inc.
Report Builder − Target Corporation − Hoover's Online
39