8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 26, 2005

Target Corporation

(Exact name of registrant as specified in its charter)

Minnesota	1-6049	41-0215170
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1000 Nicollet Mall, Minneapolis, Minnesota 55403

(Address of principal executive offices, including zip code)

(612) 304-6073

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

2003 Information

Item 8.01Other Events

Target Corporation (the Company) elected to adopt the provisions of Statement of Financial Accounting Standards No. 123R, “Share-Based Payment” (SFAS No. 123R) under the modified retrospective transition method for the year ended January 29, 2005.  SFAS No. 123R eliminates accounting for share-based compensation transactions using the intrinsic value method prescribed in APB Opinion No. 25, “Accounting for Stock Issued to Employees,” and requires instead that such transactions be accounted for using a fair-value-based method.  Accordingly, all prior period financial statements have been restated to recognize compensation cost in the amounts previously reported in the Notes to the Consolidated Financial Statements under the provisions of SFAS No. 123, “Accounting for Stock-based Compensation.”

Included as exhibits to this document are certain fiscal 2003 financial statements from the following previously filed Form 8-K or Form 10-Qs (all of which already presented comparative financial information for continuing operations) to recognize compensation cost under the provisions of SFAS No. 123R: Form 8-K (filed September 16, 2004), Form 10-Q for the quarterly period ended
July 31, 2004 and Form 10-Q for the quarterly period ended October 30, 2004.  Additionally, certain financial statements from the Company’s Form 10-K for the fiscal year ending January 29, 2005 are also included.

Item 9.01Financial Statements and Exhibits

(c)	Exhibits
	(99)A.	Consolidated Results of Operations for the Three Months ended May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004 and for the Year ended January 31, 2004.
	(99)B.	Consolidated Statements of Financial Position at May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004.
	(99)C.	Credit Card Contribution from Continuing Operations for the Three Months ended May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004 and for the Year ended January 31, 2004.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TARGET CORPORATION
Date:  October 26, 2005	/s/ Douglas A. Scovanner
	Douglas A. Scovanner
	Executive Vice President and Chief Financial Officer

EXHIBIT INDEX

Exhibit	Description	Method of Filing
(99)A.	Consolidated Results of Operations for the Three Months ended May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004 and for the Year ended January 31, 2004.	Filed Electronically
(99)B.	Consolidated Statements of Financial Position at May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004.	Filed Electronically
(99)C.	Credit Card Contribution from Continuing Operations for the Three Months ended May 3, 2003, August 2, 2003, November 1, 2003 and January 31, 2004 and for the Year ended January 31, 2004.	Filed Electronically

EX-99.A

Exhibit 99(A)

CONSOLIDATED RESULTS OF OPERATIONS

	Three Months Ended												Year Ended
(Millions, except per share data)	May 3 2003		,	August 2 2003		,	November 1 2003		,	January 31 2004		,	January 31 2004		,
	(unaudited)
Sales	$	8,663		$	9,324		$	9,552		$	13,389		$	40,928
Net credit revenues	265			270			275			287			1,097
Total revenues	8,928			9,594			9,827			13,676			42,025
Cost of sales	5,957			6,450			6,643			9,339			28,389
Selling, general and administrative expense	1,889			2,022			2,178			2,568			8,657
Credit expense	175			175			180			192			722
Depreciation and amortization	261			274			277			286			1,098
Earnings from continuing operations before interest expense and income taxes	646			673			549			1,291			3,159
Interest expense	142			154			131			129			556
Earnings from continuing operations before income taxes	504			519			418			1,162			2,603
Provision for income taxes	191			197			156			440			984
Earnings from continuing operations	313			322			262			722			1,619
Earnings from discontinued operations, net of $18, $18, $18, $62 and $116 tax	29			29			31			101			190
	—			—			—			—			—
Net earnings	$	342		$	351		$	293		$	823		$	1,809
Basic earnings per share:
Continuing operations	$	0.34		$	0.35		$	0.29		$	0.79		$	1.78
Discontinued operations	0.03			0.03			0.03			0.11			0.21
Gain on disposal of discontinued operations	—			—			—			—			—
Basic earnings per share	$	0.37		$	0.38		$	0.32		$	0.90		$	1.99
Diluted earnings per share:
Continuing operations	$	0.34		$	0.35		$	0.29		$	0.79		$	1.76
Discontinued operations	0.03			0.03			0.03			0.11			0.21
Gain on disposal of discontinued operations	—			—			—			—			—
Diluted earnings per share	$	0.37		$	0.38		$	0.32		$	0.90		$	1.97
Weighted average common shares outstanding:
Basic	910.3			910.8			911.3			911.6			911.0
Diluted	916.1			921.9			921.0			918.0			919.2

EX-99.B

Exhibit 99(B)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Millions)	May 3 2003		,	August 2 2003		,	November 1 2003		,	January 31 2004		,
	(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	$	444		$	421		$	487		$	708
Accounts receivable, net	4,157			4,289			4,293			4,621
Inventory	4,042			4,095			5,214			4,531
Other current assets	1,221			1,157			1,050			1,000
Current assets of discontinued operations	2,136			2,020			2,248			2,092
Total current assets	12,000			11,982			13,292			12,952
Property and equipment, net	13,918			14,444			14,822			15,153
Other non-current assets	1,390			1,331			1,392			1,377
Noncurrent assets of discontinued operations	1,871			1,886			1,926			1,934
Total assets	$	29,179		$	29,643		$	31,432		$	31,416
LIABILITIES AND SHAREHOLDERS’ INVESTMENT
Accounts payable	$	3,828		$	3,957		$	4,631		$	4,956
Current portion of long-term debt and notes payable	709			763			1,471			863
Other	1,364			1,401			1,463			1,670
Current liabilities of discontinued operations	894			831			1,016			825
Total current liabilities	6,795			6,952			8,581			8,314
Long-term debt	11,052			11,024			10,940			10,155
Deferred income taxes	442			442			442			632
Other non-current liabilities	814			861			885			917
Noncurrent liabilities of discontinued operations	257			256			250			266
Shareholders’ investment	9,819			10,108			10,334			11,132
Total liabilities and shareholders’ investment	$	29,179		$	29,643		$	31,432		$	31,416
Common shares outstanding	910.8			910.9			911.5			911.8

EX-99.C

Exhibit 99(C)

Target Corporation

(Millions)

(unaudited)

CREDIT CARD CONTRIBUTION OF CONTINUING OPERATIONS

	Three Months Ended
	May 3, 2003			August 2, 2003			November 1, 2003			January 31, 2004			Year Ended January 31, 2004
Revenues
Finance charges, late fees and other revenues	$	246		$	250		$	255		$	264		$	1,015
Merchant fees
Intracompany	9			12			12			16			49
Third-party	19			20			20			23			82
Total revenues	274			282			287			303			1,146
Expenses
Bad debt	111			117			122			126			476
Operations and marketing	64			58			58			66			246
Total expenses	175			175			180			192			722
Pre-tax credit card contribution	$	99		$	107		$	107		$	111		$	424
As a percent of total average receivables (annualized)	8.9		%	9.4		%	9.2		%	9.1		%	9.1		%

ALLOWANCE FOR DOUBTFUL ACCOUNTS

	Three Months Ended
	May 3, 2003			August 2, 2003			November 1, 2003			January 31, 2004
Allowance at beginning of period	$	320		$	327		$	334		$	341
Bad debt provision	111			117			122			126
Net write-offs	(104		)	(110		)	(115		)	(115		)
Allowance at end of period	$	327		$	334		$	341		$	352
As a percent of period-end receivables	7.3		%	7.2		%	7.3		%	7.1		%

SUPPLEMENTAL DATA

	May 3, 2003			August 2, 2003			November 1, 2003			January 31, 2004
Period-end receivables	$	4,484		$	4,623		$	4,634		$	4,973
Total past due as a percent of period-end receivables *	4.0		%	4.1		%	4.4		%	4.2		%

* Accounts with three or more payments past due.

	Three Months Ended
	May 3, 2003			August 2, 2003			November 1, 2003			January 31, 2004			Year Ended January 31, 2004
Total revenues as a percent of average receivables (annualized):	24.4		%	24.8		%	24.7		%	24.9		%	24.6		%
Net write-offs as a percent of average receivables (annualized):	9.2		%	9.7		%	9.9		%	9.5		%	9.5		%
Total average receivables	$	4,511		$	4,553		$	4,640		$	4,881		$	4,661