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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Target Corp | NYSE:TGT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.57 | -0.36% | 157.47 | 158.37 | 156.50 | 158.04 | 1,561,227 | 20:30:05 |
|
|
Minnesota
|
|
41-0215170
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
1000 Nicollet Mall, Minneapolis, Minnesota
|
|
55403
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
||
|
|
|
|
||
|
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(millions, except per share data) (unaudited)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Sales
|
$
|
16,441
|
|
|
$
|
17,613
|
|
|
$
|
48,805
|
|
|
$
|
52,159
|
|
Cost of sales
|
11,471
|
|
|
12,440
|
|
|
33,757
|
|
|
36,402
|
|
||||
Gross margin
|
4,970
|
|
|
5,173
|
|
|
15,048
|
|
|
15,757
|
|
||||
Selling, general and administrative expenses
|
3,339
|
|
|
3,736
|
|
|
9,741
|
|
|
10,745
|
|
||||
Depreciation and amortization
|
570
|
|
|
561
|
|
|
1,686
|
|
|
1,651
|
|
||||
Earnings from continuing operations before interest expense and income taxes
|
1,061
|
|
|
876
|
|
|
3,621
|
|
|
3,361
|
|
||||
Net interest expense
|
142
|
|
|
151
|
|
|
864
|
|
|
455
|
|
||||
Earnings from continuing operations before income taxes
|
919
|
|
|
725
|
|
|
2,757
|
|
|
2,906
|
|
||||
Provision for income taxes
|
311
|
|
|
249
|
|
|
910
|
|
|
1,006
|
|
||||
Net earnings from continuing operations
|
608
|
|
|
476
|
|
|
1,847
|
|
|
1,900
|
|
||||
Discontinued operations, net of tax
|
—
|
|
|
73
|
|
|
73
|
|
|
37
|
|
||||
Net earnings
|
$
|
608
|
|
|
$
|
549
|
|
|
$
|
1,920
|
|
|
$
|
1,937
|
|
Basic earnings per share
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.07
|
|
|
$
|
0.76
|
|
|
$
|
3.16
|
|
|
$
|
3.00
|
|
Discontinued operations
|
—
|
|
|
0.12
|
|
|
0.12
|
|
|
0.06
|
|
||||
Net earnings per share
|
$
|
1.07
|
|
|
$
|
0.88
|
|
|
$
|
3.29
|
|
|
$
|
3.06
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
1.06
|
|
|
$
|
0.76
|
|
|
$
|
3.14
|
|
|
$
|
2.98
|
|
Discontinued operations
|
—
|
|
|
0.11
|
|
|
0.12
|
|
|
0.06
|
|
||||
Net earnings per share
|
$
|
1.06
|
|
|
$
|
0.87
|
|
|
$
|
3.26
|
|
|
$
|
3.03
|
|
Weighted average common shares outstanding
|
|
|
|
|
|
|
|
||||||||
Basic
|
570.1
|
|
|
623.7
|
|
|
583.5
|
|
|
633.5
|
|
||||
Dilutive impact of share-based awards
|
4.7
|
|
|
5.1
|
|
|
5.0
|
|
|
5.2
|
|
||||
Diluted
|
574.8
|
|
|
628.8
|
|
|
588.5
|
|
|
638.7
|
|
||||
Antidilutive shares
|
0.2
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
||||
Dividends declared per share
|
$
|
0.60
|
|
|
$
|
0.56
|
|
|
$
|
1.76
|
|
|
$
|
1.64
|
|
Consolidated Statements of Comprehensive Income
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(millions) (unaudited)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Net earnings
|
$
|
608
|
|
|
$
|
549
|
|
|
$
|
1,920
|
|
|
$
|
1,937
|
|
Other comprehensive income, net of tax
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pension and other benefit liabilities, net of taxes of $3, $8, $11 and $84
|
6
|
|
|
13
|
|
|
17
|
|
|
130
|
|
||||
Currency translation adjustment and cash flow hedges, net of taxes of $1, $1, $2 and $2
|
—
|
|
|
(1
|
)
|
|
5
|
|
|
—
|
|
||||
Other comprehensive income
|
6
|
|
|
12
|
|
|
22
|
|
|
130
|
|
||||
Comprehensive income
|
$
|
614
|
|
|
$
|
561
|
|
|
$
|
1,942
|
|
|
$
|
2,067
|
|
Consolidated Statements of Financial Position
|
|
|
|
|
|
|
|
|
|||
(millions)
|
October 29,
2016 |
|
|
January 30,
2016 |
|
|
October 31,
2015 |
|
|||
Assets
|
(unaudited)
|
|
|
|
|
|
(unaudited)
|
|
|||
Cash and cash equivalents, including short term investments of $0, $3,008 and $1,154
|
$
|
1,231
|
|
|
$
|
4,046
|
|
|
$
|
1,977
|
|
Inventory
|
10,057
|
|
|
8,601
|
|
|
10,374
|
|
|||
Current assets of discontinued operations
|
62
|
|
|
322
|
|
|
399
|
|
|||
Other current assets
|
1,492
|
|
|
1,161
|
|
|
2,194
|
|
|||
Total current assets
|
12,842
|
|
|
14,130
|
|
|
14,944
|
|
|||
Property and equipment
|
|
|
|
|
|
|
|
|
|||
Land
|
6,106
|
|
|
6,125
|
|
|
6,118
|
|
|||
Buildings and improvements
|
27,518
|
|
|
27,059
|
|
|
26,912
|
|
|||
Fixtures and equipment
|
5,467
|
|
|
5,347
|
|
|
5,283
|
|
|||
Computer hardware and software
|
2,538
|
|
|
2,617
|
|
|
2,652
|
|
|||
Construction-in-progress
|
219
|
|
|
315
|
|
|
428
|
|
|||
Accumulated depreciation
|
(16,946
|
)
|
|
(16,246
|
)
|
|
(15,921
|
)
|
|||
Property and equipment, net
|
24,902
|
|
|
25,217
|
|
|
25,472
|
|
|||
Noncurrent assets of discontinued operations
|
17
|
|
|
75
|
|
|
94
|
|
|||
Other noncurrent assets
|
842
|
|
|
840
|
|
|
941
|
|
|||
Total assets
|
$
|
38,603
|
|
|
$
|
40,262
|
|
|
$
|
41,451
|
|
Liabilities and shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Accounts payable
|
$
|
8,250
|
|
|
$
|
7,418
|
|
|
$
|
8,904
|
|
Accrued and other current liabilities
|
3,662
|
|
|
4,236
|
|
|
3,868
|
|
|||
Current portion of long-term debt and other borrowings
|
729
|
|
|
815
|
|
|
825
|
|
|||
Current liabilities of discontinued operations
|
1
|
|
|
153
|
|
|
261
|
|
|||
Total current liabilities
|
12,642
|
|
|
12,622
|
|
|
13,858
|
|
|||
Long-term debt and other borrowings
|
12,097
|
|
|
11,945
|
|
|
11,887
|
|
|||
Deferred income taxes
|
920
|
|
|
823
|
|
|
1,135
|
|
|||
Noncurrent liabilities of discontinued operations
|
18
|
|
|
18
|
|
|
36
|
|
|||
Other noncurrent liabilities
|
1,857
|
|
|
1,897
|
|
|
1,279
|
|
|||
Total noncurrent liabilities
|
14,892
|
|
|
14,683
|
|
|
14,337
|
|
|||
Shareholders’ investment
|
|
|
|
|
|
|
|
|
|||
Common stock
|
47
|
|
|
50
|
|
|
52
|
|
|||
Additional paid-in capital
|
5,598
|
|
|
5,348
|
|
|
5,314
|
|
|||
Retained earnings
|
6,031
|
|
|
8,188
|
|
|
8,359
|
|
|||
Accumulated other comprehensive loss
|
|
|
|
|
|
|
|
|
|||
Pension and other benefit liabilities
|
(571
|
)
|
|
(588
|
)
|
|
(431
|
)
|
|||
Currency translation adjustment and cash flow hedges
|
(36
|
)
|
|
(41
|
)
|
|
(38
|
)
|
|||
Total shareholders’ investment
|
11,069
|
|
|
12,957
|
|
|
13,256
|
|
|||
Total liabilities and shareholders’ investment
|
$
|
38,603
|
|
|
$
|
40,262
|
|
|
$
|
41,451
|
|
Consolidated Statements of Cash Flows
|
|
|
|
||||
|
Nine Months Ended
|
||||||
(millions) (unaudited)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||
Operating activities
|
|
|
|
|
|
||
Net earnings
|
$
|
1,920
|
|
|
$
|
1,937
|
|
Earnings from discontinued operations, net of tax
|
73
|
|
|
37
|
|
||
Net earnings from continuing operations
|
1,847
|
|
|
1,900
|
|
||
Adjustments to reconcile net earnings to cash provided by operations:
|
|
|
|
|
|
||
Depreciation and amortization
|
1,686
|
|
|
1,651
|
|
||
Share-based compensation expense
|
85
|
|
|
84
|
|
||
Deferred income taxes
|
83
|
|
|
(111
|
)
|
||
Loss on debt extinguishment
|
422
|
|
|
—
|
|
||
Noncash losses and other, net
|
12
|
|
|
37
|
|
||
Changes in operating accounts
|
|
|
|
|
|||
Inventory
|
(1,455
|
)
|
|
(2,096
|
)
|
||
Other assets
|
(13
|
)
|
|
95
|
|
||
Accounts payable and accrued liabilities
|
103
|
|
|
1,475
|
|
||
Cash provided by operating activities—continuing operations
|
2,770
|
|
|
3,035
|
|
||
Cash provided by operating activities—discontinued operations
|
111
|
|
|
804
|
|
||
Cash provided by operations
|
2,881
|
|
|
3,839
|
|
||
Investing activities
|
|
|
|
|
|
||
Expenditures for property and equipment
|
(1,184
|
)
|
|
(1,129
|
)
|
||
Proceeds from disposal of property and equipment
|
23
|
|
|
21
|
|
||
Proceeds from sale of business
|
—
|
|
|
8
|
|
||
Other investments
|
23
|
|
|
12
|
|
||
Cash required for investing activities—continuing operations
|
(1,138
|
)
|
|
(1,088
|
)
|
||
Cash provided by
investing activities—discontinued operations
|
—
|
|
|
19
|
|
||
Cash required for investing activities
|
(1,138
|
)
|
|
(1,069
|
)
|
||
Financing activities
|
|
|
|
|
|
||
Change in commercial paper, net
|
89
|
|
|
—
|
|
||
Additions to long-term debt
|
1,977
|
|
|
—
|
|
||
Reductions of long-term debt
|
(2,625
|
)
|
|
(72
|
)
|
||
Dividends paid
|
(1,011
|
)
|
|
(1,017
|
)
|
||
Repurchase of stock
|
(3,034
|
)
|
|
(2,196
|
)
|
||
Prepayment of accelerated share repurchase
|
(120
|
)
|
|
—
|
|
||
Stock option exercises
|
166
|
|
|
282
|
|
||
Cash required for financing activities
|
(4,558
|
)
|
|
(3,003
|
)
|
||
Net decrease in cash and cash equivalents
|
(2,815
|
)
|
|
(233
|
)
|
||
Cash and cash equivalents at beginning of period
|
4,046
|
|
|
2,210
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,231
|
|
|
$
|
1,977
|
|
Fair Value Measurements - Recurring Basis
|
|
Fair Value at
|
||||||||||
(millions)
|
Pricing Category
|
October 29,
2016 |
|
|
January 30,
2016 |
|
|
October 31,
2015 |
|
|||
Assets
|
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|||
Short-term investments
|
Level 1
|
$
|
—
|
|
|
$
|
3,008
|
|
|
$
|
1,154
|
|
Other current assets
|
|
|
|
|
|
|
|
|
|
|||
Prepaid forward contracts
|
Level 1
|
28
|
|
|
32
|
|
|
34
|
|
|||
Beneficial interest asset
|
Level 3
|
10
|
|
|
19
|
|
|
23
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
—
|
|
|
12
|
|
|
19
|
|
|||
Other noncurrent assets
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
19
|
|
|
27
|
|
|
22
|
|
|||
Beneficial interest asset
|
Level 3
|
5
|
|
|
12
|
|
|
15
|
|
|||
Liabilities
|
|
|
|
|
|
|
|
|
|
|||
Other current liabilities
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swaps
(a)
|
Level 2
|
—
|
|
|
8
|
|
|
12
|
|
Significant Financial Instruments not Measured at Fair Value
(a)
(millions)
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
|||||||||||||||
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|
Carrying
Amount
|
|
Fair
Value
|
|
|||||||
Debt
(b)
|
$
|
11,802
|
|
$
|
13,171
|
|
|
$
|
11,859
|
|
$
|
13,385
|
|
|
$
|
11,857
|
|
$
|
13,322
|
|
Impairments
(a)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(millions)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Total segment impairments
|
$
|
9
|
|
|
$
|
4
|
|
|
$
|
37
|
|
|
$
|
44
|
|
Unallocated impairments
(b)
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
Total impairments
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
37
|
|
|
$
|
48
|
|
Derivative Contracts - Effect on Results of Operations
(millions)
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||
Type of Contract
|
|
Classification of (Income)/Expense
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Interest rate swaps
|
|
Net interest expense
|
$
|
(5
|
)
|
|
$
|
(9
|
)
|
|
$
|
(21
|
)
|
|
$
|
(28
|
)
|
Share Repurchases (excluding 2016 ASR)
|
Nine Months Ended
(a)
|
||||||
(millions, except per share data)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||
Total number of shares purchased
|
38.5
|
|
|
27.3
|
|
||
Average price paid per share
|
$
|
72.87
|
|
|
$
|
79.84
|
|
Total investment
|
$
|
2,807
|
|
|
$
|
2,182
|
|
Net Pension Benefits Expense
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(millions)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Service cost
|
$
|
20
|
|
|
$
|
27
|
|
|
$
|
61
|
|
|
$
|
82
|
|
Interest cost
|
34
|
|
|
38
|
|
|
103
|
|
|
115
|
|
||||
Expected return on assets
|
(64
|
)
|
|
(65
|
)
|
|
(193
|
)
|
|
(195
|
)
|
||||
Amortization of losses
|
12
|
|
|
20
|
|
|
37
|
|
|
62
|
|
||||
Amortization of prior service cost
|
(2
|
)
|
|
(3
|
)
|
|
(8
|
)
|
|
(9
|
)
|
||||
Settlement charges
|
—
|
|
|
1
|
|
|
—
|
|
|
3
|
|
||||
Total
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
58
|
|
(millions)
|
Cash Flow
Hedges
|
|
|
Currency
Translation
Adjustment
|
|
|
Pension and
Other
Benefits
|
|
|
Total
|
|
||||
January 30, 2016
|
$
|
(19
|
)
|
|
$
|
(22
|
)
|
|
$
|
(588
|
)
|
|
$
|
(629
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
2
|
|
|
3
|
|
|
5
|
|
||||
Amounts reclassified from AOCI
|
3
|
|
(a)
|
—
|
|
|
14
|
|
(b)
|
17
|
|
||||
October 29, 2016
|
$
|
(16
|
)
|
|
$
|
(20
|
)
|
|
$
|
(571
|
)
|
|
$
|
(607
|
)
|
Business Segment Results
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
(millions)
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
||||
Sales
|
$
|
16,441
|
|
|
$
|
17,613
|
|
|
$
|
48,805
|
|
|
$
|
52,159
|
|
Cost of sales
|
11,471
|
|
|
12,440
|
|
|
33,757
|
|
|
36,402
|
|
||||
Gross margin
|
4,970
|
|
|
5,173
|
|
|
15,048
|
|
|
15,757
|
|
||||
Selling, general, and administrative expenses
(d)
|
3,343
|
|
|
3,650
|
|
|
9,741
|
|
|
10,533
|
|
||||
Depreciation and amortization
|
570
|
|
|
561
|
|
|
1,686
|
|
|
1,651
|
|
||||
Segment profit
|
1,057
|
|
|
962
|
|
|
3,621
|
|
|
3,573
|
|
||||
Impairments
(a)(d)
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
||||
Restructuring costs
(b)(d)
|
—
|
|
|
(21
|
)
|
|
—
|
|
|
(135
|
)
|
||||
Other
(c)(d)
|
4
|
|
|
(26
|
)
|
|
—
|
|
|
(38
|
)
|
||||
Earnings from continuing operations before interest expense and income taxes
|
1,061
|
|
|
876
|
|
|
3,621
|
|
|
3,361
|
|
||||
Net interest expense
|
142
|
|
|
151
|
|
|
864
|
|
|
455
|
|
||||
Earnings from continuing operations before income taxes
|
$
|
919
|
|
|
$
|
725
|
|
|
$
|
2,757
|
|
|
$
|
2,906
|
|
Reconciliation of Segment Assets to Total Assets
(millions)
|
October 29,
2016 |
|
|
January 30,
2016 |
|
|
October 31,
2015 |
|
|||
Segment assets
|
$
|
38,524
|
|
|
$
|
39,845
|
|
|
$
|
40,903
|
|
Assets of discontinued operations
|
79
|
|
|
397
|
|
|
493
|
|
|||
Unallocated assets
(a)
|
—
|
|
|
20
|
|
|
55
|
|
|||
Total assets
|
$
|
38,603
|
|
|
$
|
40,262
|
|
|
$
|
41,451
|
|
•
|
GAAP earnings per share from continuing operations were
$1.06
.
|
•
|
Adjusted earnings per share from continuing operations were
$1.04
.
|
•
|
Third quarter comparable sales decreased
(0.2)
percent, driven by a
(1.2)
percent decline in traffic and
1.0
percent increase in average transaction amount.
|
•
|
We returned $1.2 billion to shareholders in the third quarter through dividends and share repurchase.
|
Earnings Per Share from Continuing Operations
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
||||||||||||
October 29,
2016 |
|
|
October 31,
2015 |
|
|
Change
|
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
Change
|
|
|||||
GAAP diluted earnings per share
|
$
|
1.06
|
|
|
$
|
0.76
|
|
|
39.7
|
%
|
|
$
|
3.14
|
|
|
$
|
2.98
|
|
|
5.5
|
%
|
Adjustments
|
(0.01
|
)
|
|
0.10
|
|
|
|
|
0.42
|
|
|
0.21
|
|
|
|
|
|||||
Adjusted diluted earnings per share
|
$
|
1.04
|
|
|
$
|
0.86
|
|
|
22.1
|
%
|
|
$
|
3.56
|
|
|
$
|
3.18
|
|
|
11.9
|
%
|
|
Three Months Ended
|
|
|
|
|
Nine Months Ended
|
|
|
|
||||||||||||
(dollars in millions)
|
October 29,
2016 |
|
|
October 31,
2015
(a)
|
|
|
Percent
Change
|
|
|
October 29,
2016 |
|
|
October 31,
2015
(a)
|
|
|
Percent
Change
|
|
||||
Sales
|
$
|
16,441
|
|
|
$
|
17,613
|
|
|
(6.7
|
)%
|
|
$
|
48,805
|
|
|
$
|
52,159
|
|
|
(6.4
|
)%
|
Cost of sales
|
11,471
|
|
|
12,440
|
|
|
(7.8
|
)
|
|
33,757
|
|
|
36,402
|
|
|
(7.3
|
)
|
||||
Gross margin
|
4,970
|
|
|
5,173
|
|
|
(3.9
|
)
|
|
15,048
|
|
|
15,757
|
|
|
(4.5
|
)
|
||||
SG&A expenses
(b)
|
3,343
|
|
|
3,650
|
|
|
(8.4
|
)
|
|
9,741
|
|
|
10,533
|
|
|
(7.5
|
)
|
||||
EBITDA
|
1,627
|
|
|
1,523
|
|
|
6.8
|
|
|
5,307
|
|
|
5,224
|
|
|
1.6
|
|
||||
Depreciation and amortization
|
570
|
|
|
561
|
|
|
1.6
|
|
|
1,686
|
|
|
1,651
|
|
|
2.1
|
|
||||
EBIT
|
$
|
1,057
|
|
|
$
|
962
|
|
|
9.9
|
%
|
|
$
|
3,621
|
|
|
$
|
3,573
|
|
|
1.3
|
%
|
Rate Analysis
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Gross margin rate
|
30.2
|
%
|
|
29.4
|
%
|
|
30.8
|
%
|
|
30.2
|
%
|
SG&A expense rate
|
20.3
|
|
|
20.7
|
|
|
20.0
|
|
|
20.2
|
|
EBITDA margin rate
(a)
|
9.9
|
|
|
8.6
|
|
|
10.9
|
|
|
10.0
|
|
Depreciation and amortization expense rate
|
3.5
|
|
|
3.2
|
|
|
3.5
|
|
|
3.2
|
|
EBIT margin rate
(a)
|
6.4
|
|
|
5.5
|
|
|
7.4
|
|
|
6.8
|
|
Sales by Channel
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015
(a)
|
|
|
October 29,
2016 |
|
|
October 31,
2015
(a)
|
|
Stores
|
96.5
|
%
|
|
97.3
|
%
|
|
96.5
|
%
|
|
97.2
|
%
|
Digital
|
3.5
|
|
|
2.7
|
|
|
3.5
|
|
|
2.8
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Sales by Product Category
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Household essentials
(a)
|
23
|
%
|
|
28
|
%
|
|
23
|
%
|
|
28
|
%
|
Food and pet supplies
|
23
|
|
|
22
|
|
|
23
|
|
|
21
|
|
Apparel and accessories
|
21
|
|
|
19
|
|
|
21
|
|
|
20
|
|
Home furnishings and décor
|
19
|
|
|
18
|
|
|
19
|
|
|
17
|
|
Hardlines
|
14
|
|
|
13
|
|
|
14
|
|
|
14
|
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Comparable Sales
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Comparable sales change
|
(0.2
|
)%
|
|
1.9
|
%
|
|
—
|
%
|
|
2.2
|
%
|
Drivers of change in comparable sales
|
|
|
|
|
|
|
|
|
|
|
|
Number of transactions
|
(1.2
|
)
|
|
1.4
|
|
|
(1.0
|
)
|
|
1.3
|
|
Average transaction amount
|
1.0
|
|
|
0.4
|
|
|
1.0
|
|
|
0.9
|
|
Selling price per unit
|
3.5
|
|
|
2.5
|
|
|
3.0
|
|
|
3.8
|
|
Units per transaction
|
(2.5
|
)
|
|
(2.1
|
)
|
|
(2.0
|
)
|
|
(2.8
|
)
|
Contribution to Comparable Sales Change
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Stores channel comparable sales change
|
(1.0
|
)%
|
|
1.4
|
%
|
|
(0.7
|
)%
|
|
1.6
|
%
|
Digital channel contribution to comparable sales change
|
0.7
|
|
|
0.4
|
|
|
0.6
|
|
|
0.6
|
|
Total comparable sales change
|
(0.2
|
)%
|
|
1.9
|
%
|
|
—
|
%
|
|
2.2
|
%
|
REDcard Penetration
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Target Debit Card
|
12.9
|
%
|
|
12.1
|
%
|
|
12.9
|
%
|
|
12.0
|
%
|
Target Credit Cards
|
11.4
|
|
|
10.2
|
|
|
11.0
|
|
|
9.9
|
|
Total REDcard Penetration
|
24.3
|
%
|
|
22.3
|
%
|
|
23.9
|
%
|
|
22.0
|
%
|
Change in Number of Stores
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
Beginning store count
|
1,797
|
|
|
1,799
|
|
|
1,792
|
|
|
1,790
|
|
Opened
|
5
|
|
|
6
|
|
|
11
|
|
|
15
|
|
Closed
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
Ending store count
|
1,800
|
|
|
1,805
|
|
|
1,800
|
|
|
1,805
|
|
Number of Stores and
Retail Square Feet |
Number of Stores
|
|
Retail Square Feet
(a)
|
||||||||||
October 29,
2016 |
|
January 30,
2016 |
|
October 31,
2015 |
|
|
October 29,
2016 |
|
January 30,
2016 |
|
October 31,
2015 |
|
|
170,000 or more sq. ft.
|
278
|
|
278
|
|
280
|
|
|
49,685
|
|
49,688
|
|
50,036
|
|
50,000 to 169,999 sq. ft.
|
1,503
|
|
1,505
|
|
1,516
|
|
|
189,496
|
|
189,677
|
|
190,873
|
|
49,999 or less sq. ft.
|
19
|
|
9
|
|
9
|
|
|
464
|
|
174
|
|
174
|
|
Total
|
1,800
|
|
1,792
|
|
1,805
|
|
|
239,645
|
|
239,539
|
|
241,083
|
|
Adjusted EPS
|
|
Three Months Ended
|
||||||||||||||||||||||
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||||||||||||||
(millions, except per share data)
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
||||||
GAAP diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.06
|
|
|
|
|
|
|
$
|
0.76
|
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Restructuring costs
(a)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
13
|
|
|
$
|
0.02
|
|
Impairments
(b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
29
|
|
|
0.05
|
|
||||||
Other
(c)
|
|
(4
|
)
|
|
(3
|
)
|
|
—
|
|
|
26
|
|
|
20
|
|
|
0.03
|
|
||||||
Resolution of income tax matters
|
|
—
|
|
|
(5
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
1.04
|
|
|
|
|
|
|
$
|
0.86
|
|
|
|
Nine Months Ended
|
||||||||||||||||||||||
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||||||||||||||
(millions, except per share data)
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
|
Pretax
|
|
|
Net of Tax
|
|
|
Per Share Amounts
|
|
||||||
GAAP diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
3.14
|
|
|
|
|
|
|
$
|
2.98
|
|
||||||||
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loss on early retirement of debt
|
|
$
|
422
|
|
|
$
|
257
|
|
|
$
|
0.44
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restructuring costs
(a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
135
|
|
|
85
|
|
|
0.13
|
|
||||||
Impairments
(b)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
29
|
|
|
0.05
|
|
||||||
Other
(c)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
27
|
|
|
0.04
|
|
||||||
Resolution of income tax matters
|
|
—
|
|
|
(8
|
)
|
|
(0.01
|
)
|
|
—
|
|
|
(8
|
)
|
|
(0.01
|
)
|
||||||
Adjusted diluted earnings per share from continuing operations
|
|
|
|
|
|
$
|
3.56
|
|
|
|
|
|
|
$
|
3.18
|
|
After-Tax Return on Invested Capital
|
|
|
||||||||||
|
|
|
|
|
||||||||
Numerator
|
|
Trailing Twelve Months
|
|
|
||||||||
(dollars in millions)
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
|
||||
Earnings from continuing operations before interest expense and income taxes
|
|
$
|
5,790
|
|
|
$
|
4,946
|
|
|
|
||
+ Operating lease interest
(a)(b)
|
|
72
|
|
|
90
|
|
|
|
||||
Adjusted earnings from continuing operations before interest expense and income taxes
|
|
5,862
|
|
|
5,036
|
|
|
|
||||
- Income tax effect
(c)
|
|
1,849
|
|
|
1,717
|
|
|
|
||||
Net operating profit after taxes
|
|
$
|
4,013
|
|
|
$
|
3,319
|
|
|
|
Denominator
(dollars in millions)
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
November 1,
2014 |
|
|||
Current portion of long-term debt and other borrowings
|
|
$
|
729
|
|
|
$
|
825
|
|
|
$
|
483
|
|
+ Noncurrent portion of long-term debt
|
|
12,097
|
|
|
11,887
|
|
|
12,551
|
|
|||
+ Shareholders' equity
|
|
11,069
|
|
|
13,256
|
|
|
16,373
|
|
|||
+ Capitalized operating lease obligations
(b)(d)
|
|
1,192
|
|
|
1,503
|
|
|
1,639
|
|
|||
- Cash and cash equivalents
|
|
1,231
|
|
|
1,977
|
|
|
718
|
|
|||
- Net assets of discontinued operations
|
|
60
|
|
|
197
|
|
|
4,550
|
|
|||
Invested capital
|
|
$
|
23,796
|
|
|
$
|
25,298
|
|
|
$
|
25,778
|
|
Average invested capital
(e)
|
|
$
|
24,547
|
|
|
$
|
25,538
|
|
|
|
After-tax return on invested capital
(f)
|
|
16.3
|
%
|
|
13.0
|
%
|
|
|
Reconciliation of Capitalized Operating Leases
|
|
Trailing Twelve Months
|
||||||||||||
(dollars in millions)
|
|
October 29,
2016 |
|
|
October 31,
2015 |
|
|
November 1,
2014 |
|
|||||
Total rent expense
|
|
$
|
149
|
|
|
$
|
188
|
|
|
$
|
205
|
|
||
Capitalized operating lease obligations (total rent expense x 8)
|
|
1,192
|
|
|
1,503
|
|
|
1,639
|
|
|||||
Operating lease interest (capitalized operating lease obligations x 6%)
|
|
72
|
|
|
90
|
|
|
98
|
|
Credit Ratings
|
Moody’s
|
Standard and Poor’s
|
Fitch
|
Long-term debt
|
A2
|
A
|
A-
|
Commercial paper
|
P-1
|
A-1
|
F2
|
Period
|
Total Number
of Shares
Purchased
|
|
|
Average
Price
Paid per
Share
|
|
|
Total Number of
Shares Purchased
as Part of Publicly Announced Programs
|
|
|
Dollar Value of
Shares that May
Yet Be Purchased
Under Publicly Announced Programs
|
|
||
July 31, 2016 through August 27, 2016
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
1,722,716
|
|
|
$
|
70.46
|
|
|
1,722,716
|
|
|
$
|
1,057,191,247
|
|
August 28, 2016 through October 1, 2016
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
4,817,969
|
|
|
70.01
|
|
|
4,817,969
|
|
|
5,719,900,702
|
|
||
September 2016 ASR
(a)
|
3,350,000
|
|
|
TBD
|
|
|
3,350,000
|
|
|
5,369,900,702
|
|
||
October 2, 2016 through October 29, 2016
|
|
|
|
|
|
|
|
||||||
Open market and privately negotiated purchases
|
1,549,856
|
|
|
68.06
|
|
|
1,549,856
|
|
|
5,264,416,260
|
|
||
Total
|
11,440,541
|
|
|
TBD
|
|
|
11,440,541
|
|
|
$
|
5,264,416,260
|
|
|
|
TARGET CORPORATION
|
||
|
|
||
|
|
||
Dated: November 23, 2016
|
By:
|
/s/ Cathy R. Smith
|
|
|
|
Cathy R. Smith
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
|
(Duly Authorized Officer and
|
|
|
|
Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Robert M. Harrison
|
|
|
|
|
Robert M. Harrison
|
|
|
|
Senior Vice President, Chief Accounting Officer
|
|
|
|
and Controller
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
Manner of Filing
|
|
|
|
|
|
(3)A
|
|
Amended and Restated Articles of Incorporation (as amended through June 9, 2010)
|
|
Incorporated by Reference
|
|
|
|
|
|
(3)B
|
|
Bylaws (as amended through November 11, 2015)
|
|
Incorporated by Reference
|
|
|
|
|
|
(12)
|
|
Statements of Computations of Ratios of Earnings to Fixed Charges
|
|
Filed Electronically
|
|
|
|
|
|
(10)G
|
|
Target Corporation Officer EDCP (2017 Plan Statement) (as amended and restated effective January 1, 2017)
|
|
Filed Electronically
|
|
|
|
|
|
(10)O
|
|
Five-Year Credit Agreement dated as of October 5, 2016 among Target Corporation, Bank of America, N.A. as Administrative Agent and the Banks listed therein
|
|
Filed Electronically
|
|
|
|
|
|
(31)A
|
|
Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(31)B
|
|
Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(32)A
|
|
Certification of the Chief Executive Officer As Adopted Pursuant to 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
(32)B
|
|
Certification of the Chief Financial Officer As Adopted Pursuant to 18 U.S.C. Section 1350 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
Filed Electronically
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed Electronically
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
Filed Electronically
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
Filed Electronically
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
Filed Electronically
|
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