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EXHIBIT 99(b)
FOR IMMEDIATE RELEASE | Contact: | Susan Kahn (investor) (612) 761-6735 | ||
Cathy Wright (financial media) (612) 761-6627 |
TARGET CORPORATION PROVIDES ADDITIONAL
CREDIT CARD DISCLOSURE FOR 2002
MINNEAPOLIS, February 20, 2003 – Beginning with its fiscal 2002 earnings results, released today, Target Corporation is providing additional disclosure related to its credit card operations. The additional disclosure for Target Visa and for our proprietary credit cards, which will be provided on a quarterly basis going forward, includes:
- •
- Credit card revenues ($s and as a percent of average receivables);
- •
- Net write-offs (($s and as a percent of average receivables); and
- •
- Delinquency rates (3 or more payments past due).
To provide a historical perspective for this new disclosure, the company is providing quarterly and annual results for 2002 in the table that follows.
Target Corporation operates large-store general merchandise formats, including discount stores, moderate-priced promotional and traditional department stores, as well as a direct mail and on-line business called target.direct. The company currently operates 1,475 stores in 47 states. This includes 1,147 Target stores, 264 Mervyn's stores and 64 Marshall Field's.
Target Corporation news releases are available atwww.target.com orwww.prnewswire.com.
# # #
Credit Card Operations Supplemental Data
Fiscal 2002
| | (Unaudited) Three Months Ended | | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Millions) | 5/4/2002 | 8/3/2002 | 11/2/2002 | 2/1/2003 | Year Ended 2/1/2003 | ||||||||||||
| Total revenues: | |||||||||||||||||
| Target Visa | $ | 107 | $ | 136 | $ | 171 | $ | 212 | $ | 626 | |||||||
| Proprietary Cards | $ | 173 | $ | 164 | $ | 163 | $ | 171 | $ | 671 | |||||||
| Total revenues as a percent of average receivables: | |||||||||||||||||
| Target Visa | 23.7 | % | 23.6 | % | 24.0 | % | 24.0 | % | 23.8 | % | |||||||
| Proprietary Cards | 29.7 | % | 30.5 | % | 31.2 | % | 31.3 | % | 30.4 | % | |||||||
| Net write-offs: | |||||||||||||||||
| Target Visa | $ | 10 | $ | 27 | $ | 49 | $ | 65 | $ | 151 | |||||||
| Proprietary Cards | $ | 43 | $ | 41 | $ | 41 | $ | 46 | $ | 171 | |||||||
| Net write-offs as a percent of average receivables: | |||||||||||||||||
| Target Visa | 2.2 | % | 4.8 | % | 6.9 | % | 7.3 | % | 5.8 | % | |||||||
| Proprietary Cards | 7.3 | % | 7.5 | % | 7.9 | % | 8.4 | % | 7.7 | % | |||||||
| Past due:* | |||||||||||||||||
| Target Visa | 1.6 | % | 2.4 | % | 3.0 | % | 3.1 | % | 3.1 | % | |||||||
| Proprietary Cards | 4.9 | % | 5.2 | % | 5.6 | % | 5.1 | % | 5.1 | % | |||||||
- *
- Balances on accounts with three or more payments past due as a percent of total outstanding is one of many measures management uses to measure portfolio performance.
TARGET CORPORATION PROVIDES ADDITIONAL CREDIT CARD DISCLOSURE FOR 2002
Credit Card Operations Supplemental Data Fiscal 2002