EX-99.C 4 a05-17091_1ex99dc.htm EX-99.C

Exhibit 99(C)

 

Target Corporation

(Millions)

(unaudited)

 

 

CREDIT CARD CONTRIBUTION OF CONTINUING OPERATIONS

 

 

Three Months Ended

 

 

 

 

 

May 4, 2002

 

August 3,

2002

 

November 2,

2002

 

February 1,

2003

 

Year Ended
February 1,

2003

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

Finance charges, late fees and other revenues

 

$

166

 

$

187

 

$

217

 

$

251

 

$

821

 

Merchant fees

 

 

 

 

 

 

 

 

 

 

 

Intracompany

 

11

 

11

 

11

 

16

 

49

 

Third-party

 

14

 

15

 

19

 

22

 

70

 

Total revenues

 

191

 

213

 

247

 

289

 

940

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

Bad debt

 

76

 

90

 

102

 

123

 

391

 

Operations and marketing

 

55

 

52

 

63

 

68

 

238

 

Total expenses

 

131

 

142

 

165

 

191

 

629

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax credit card contribution

 

$

60

 

$

71

 

$

82

 

$

98

 

$

311

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percent of total average receivables (annualized)

 

8.5

%

9.0

%

9.0

%

8.9

%

8.8

%

 

ALLOWANCE FOR DOUBTFUL ACCOUNTS

 

 

Three Months Ended

 

 

 

 

 

May 4, 2002

 

August 3,

2002

 

November 2,

2002

 

February 1,

2003

 

 

 

Allowance at beginning of period

 

$

180

 

$

221

 

$

260

 

$

289

 

 

 

Bad debt provision

 

76

 

90

 

102

 

123

 

 

 

Net write-offs

 

(35

)

(51

)

(73

)

(92

)

 

 

Allowance at end of period

 

$

221

 

$

260

 

$

289

 

$

320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As a percent of period-end receivables

 

7.5

%

7.6

%

7.3

%

7.0

%

 

 

 

SUPPLEMENTAL DATA

 

 

May 4, 2002

 

August 3,

2002

 

November 2,

2002

 

February 1,

2003

 

 

 

Period-end receivables

 

$

2,952

 

$

3,399

 

$

3,950

 

$

4,601

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3.3

%

3.7

%

4.1

%

4.0

%

 

 

 

* Accounts with three or more payments past due.

 

 

 

Three Months Ended

 

 

 

 

 

May 4, 2002

 

August 3,

2002

 

November 2,

2002

 

February 1,

2003

 

Year Ended
February 1,

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

27.4

%

26.8

%

26.9

%

26.5

%

26.7

%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

5.0

%

6.5

%

7.9

%

8.4

%

7.1

%

 

 

 

 

 

 

 

 

 

 

 

 

Total average receivables

 

$

2,778

 

$

3,176

 

$

3,681

 

$

4,364

 

$

3,515