EX-99.C 4 a05-6386_1ex99dc.htm EX-99.C

Exhibit 99.C

 

Target Corporation

(Millions)

(Unaudited)

 

 

CREDIT CARD CONTRIBUTION OF CONTINUING OPERATIONS

 

 

Three Months Ended

 

 

 

 

 

May 1, 2004

 

July 31, 2004

 

October 30, 2004

 

January 29, 2005

 

Year Ended
January 29, 2005

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Finance charges, late fees and other revenues

 

$

251

 

$

256

 

$

264

 

$

288

 

$

1,059

 

Merchant fees

 

 

 

 

 

 

 

 

 

 

 

Intracompany

 

14

 

14

 

15

 

22

 

65

 

Third-party

 

20

 

23

 

26

 

29

 

98

 

Total revenues

 

285

 

293

 

305

 

339

 

1,222

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Bad debt

 

111

 

105

 

111

 

124

 

451

 

Operations and marketing

 

63

 

68

 

74

 

81

 

286

 

Total expenses

 

174

 

173

 

185

 

205

 

737

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax credit card contribution

 

$

111

 

$

120

 

$

120

 

$

134

 

$

485

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percent of total average receivables (annualized)

 

9.2%

 

10.3%

 

10.0%

 

10.2%

 

9.8%

 

 

ALLOWANCE FOR DOUBTFUL ACCOUNTS

 

 

Three Months Ended

 

 

 

 

 

May 1, 2004

 

July 31, 2004

 

October 30, 2004

 

January 29, 2005

 

 

 

Allowance at beginning of period

 

$

352

 

$

349

 

$

351

 

$

363

 

 

 

Bad debt provision

 

111

 

105

 

111

 

124

 

 

 

Net write-offs

 

(114

)

(103

)

(99

)

(100

)

 

 

Allowance at end of period

 

$

349

 

$

351

 

$

363

 

$

387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percent of period-end receivables

 

7.4%

 

7.4%

 

7.4%

 

7.1%

 

 

 

 

SUPPLEMENTAL DATA

 

 

May 1, 2004

 

July 31, 2004

 

October 30, 2004

 

January 29, 2005

 

 

 

Period-end receivables

 

$

4,689

 

$

4,716

 

$

4,914

 

$

5,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total past due as a percent of period-end receivables *

 

3.9%

 

3.8%

 

3.8%

 

3.5%

 

 

 

 

* Accounts with three or more payments past due.

 

 

 

Three Months Ended

 

 

 

 

 

May 1, 2004

 

July 31, 2004

 

October 30, 2004

 

January 29, 2005

 

Year Ended
January 29, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues as a percent of average receivables (annualized):

 

23.7%

 

25.0%

 

25.3%

 

25.7%

 

24.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Net write-offs as a percent of average receivables (annualized):

 

9.5%

 

8.8%

 

8.2%

 

7.6%

 

8.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total average receivables

 

$

4,798

 

$

4,697

 

$

4,821

 

$

5,278

 

$

4,927