Year: 2013

Year: 2014

Target Canada Income Statement Projection for 12 months ended February 1, 2015 CAD in thousands Revenues Sales Net Sales $1,930,697$$$1,576,811353,8861,930,697 Operating expenses \begin{tabular}{lrrr} Selling, general and administrative expenses & $ & 1,207,691 \\ Depreciation and amortization & $ & 200,299 \\ \cline { 2 - 3 } Total operating expenses & & $ \end{tabular} Losses before interest expense and income taxes (1,054,104) Net interest expense $201,565 Losses before income taxes $(1,255,669) Provision for income taxes $$(322,637)$(933,032) Net loss \begin{tabular}{lrr} FINANCIAL RESULTS: (in millions) & 2013 & 2012 \\ Sales & 72,596 & 71,960 \\ Credit Card revenues & & 1,341 \\ \hline Total Revenue & 72,596 & 73,301 \\ Cost of sales & 51,160 & 50,568 \\ \hline Gross margin & 21,436 & 22,733 \\ Selling, general and administrative expenses & 15,375 & 14,914 \\ Credit card expenses & & 467 \\ Depreciation and amortization & 2,223 & 2,142 \\ Gains on receivables transaction & (391) & (161) \\ \hline EBIT & 4,229 & 5,371 \\ Net interest expense & 1,126 & 762 \\ Provision for income taxes & 1,132 & 1,610 \\ \hline Net Earnings & 1,971 & 2,999 \\ \hline \end{tabular} FINANCIAL POSITION: (in millions) \begin{tabular}{lrr} \hline Assets & & \\ Cash and cash equivalents & 695 & 784 \\ Inventory & 8,766 & 7,903 \\ Accounts Receivable & & 5,841 \\ Current Assets & 11,573 & 16,388 \\ \hline Total Assets & 44,553 & 48,163 \\ \hline \end{tabular} Liabilities \begin{tabular}{lrr} Accounts Payable & 7,683 & 7,056 \\ Current Liabilities & 12,777 & 14,031 \\ Long-term Debt (including current portion) & 13,782 & 17,648 \\ \hline Total Liabilities & 28,322 & 31,605 \\ \hline Total shareholder's investment & 16,231 & 16,558 \\ \hline \end{tabular} US SEGMENT FINANCIAL RATIOS \begin{tabular}{lrr} \hline Comparable sales growth & 0.4% & 2.7% \\ Gross margin (\% of sales) & 29.8% & 29.7% \\ SG\&A (\% of sales) & 20.0% & 19.1% \\ EBIT margin (\% of sales) & 7.0% & 7.8% \end{tabular} CANADIAN SEGMENT FINANCIAL RATIOS EXHIBIT 5B: MBER 1, 201 Target Canada Income Statement Projection for 12 months ended February 1, 2015 CAD in thousands Revenues Sales Net Sales $1,930,697$$$1,576,811353,8861,930,697 Operating expenses \begin{tabular}{lrrr} Selling, general and administrative expenses & $ & 1,207,691 \\ Depreciation and amortization & $ & 200,299 \\ \cline { 2 - 3 } Total operating expenses & & $ \end{tabular} Losses before interest expense and income taxes (1,054,104) Net interest expense $201,565 Losses before income taxes $(1,255,669) Provision for income taxes $$(322,637)$(933,032) Net loss \begin{tabular}{lrr} FINANCIAL RESULTS: (in millions) & 2013 & 2012 \\ Sales & 72,596 & 71,960 \\ Credit Card revenues & & 1,341 \\ \hline Total Revenue & 72,596 & 73,301 \\ Cost of sales & 51,160 & 50,568 \\ \hline Gross margin & 21,436 & 22,733 \\ Selling, general and administrative expenses & 15,375 & 14,914 \\ Credit card expenses & & 467 \\ Depreciation and amortization & 2,223 & 2,142 \\ Gains on receivables transaction & (391) & (161) \\ \hline EBIT & 4,229 & 5,371 \\ Net interest expense & 1,126 & 762 \\ Provision for income taxes & 1,132 & 1,610 \\ \hline Net Earnings & 1,971 & 2,999 \\ \hline \end{tabular} FINANCIAL POSITION: (in millions) \begin{tabular}{lrr} \hline Assets & & \\ Cash and cash equivalents & 695 & 784 \\ Inventory & 8,766 & 7,903 \\ Accounts Receivable & & 5,841 \\ Current Assets & 11,573 & 16,388 \\ \hline Total Assets & 44,553 & 48,163 \\ \hline \end{tabular} Liabilities \begin{tabular}{lrr} Accounts Payable & 7,683 & 7,056 \\ Current Liabilities & 12,777 & 14,031 \\ Long-term Debt (including current portion) & 13,782 & 17,648 \\ \hline Total Liabilities & 28,322 & 31,605 \\ \hline Total shareholder's investment & 16,231 & 16,558 \\ \hline \end{tabular} US SEGMENT FINANCIAL RATIOS \begin{tabular}{lrr} \hline Comparable sales growth & 0.4% & 2.7% \\ Gross margin (\% of sales) & 29.8% & 29.7% \\ SG\&A (\% of sales) & 20.0% & 19.1% \\ EBIT margin (\% of sales) & 7.0% & 7.8% \end{tabular} CANADIAN SEGMENT FINANCIAL RATIOS EXHIBIT 5B: MBER 1, 201