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Half Screen Picture Half Screen Picture - 0.09 Doug Scovanner - 0.09 EVP & Chief Financial Officer
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Outlook for Fall/Full Year 2011 Target Canada
Half Screen Picture Half Screen Picture - 0.09 Roadmap to 2017 - 0.09 $100+ billion in sales $8+ EPS
Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10 2011 Outlook
U.S. Retail Segment U.S. Credit Card Segment
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Picture with text - 0.42 2011 Outlook Third Quarter EPS
$0.75 $0.74* $0.70 $0.59 $0.56 $0.58 $0.49 $0.68
Low High 2006 2007 2008 2009 2010 2011 Forecast *Included 6¢ of unusual income tax benefits 2011 Outlook Full Year EPS $4.15 $4.30 $4.00*
$3.21 $3.33 $3.30 $2.86 $3.86
Low High 2006 2007 2008 2009 2010 2011 Forecast *Included 14¢ of unusual income tax benefits Picture with text - 0.42 Half Screen Picture - 0.10 2011 Outlook Transaction Progress Zellers Transaction Sale of Receivables Half Screen Picture Half Screen Picture - 0.09 - 0.09
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Picture with text - 0.42 Picture with text - 0.42 Half Screen Picture - 0.10 Target Canada Economics Expected ROIC in line with U.S. experience 12% to 13% after-tax Half Screen Picture Half Screen Picture - 0.09 - 0.09 Worth $4 to $5 per Target share today
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2011 2012 2013 2014 2015 Picture with text - 0.42 Half Screen Picture - 0.10 Target Canada 2017 Profile 150+ stores
Half Screen Picture US $6+ billion in sales Half Screen Picture - 0.09 - 0.09 US $720+ million of EBITDA
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Picture with text - 0.42 U.S. Sales in billions CAGR = 5.1%
$63 $63 $66 $58* $61 $51
2005 2006 2007 2008 2009 2010
*53 Weeks U.S. Sales in billions CAGR = 5.2%+ $94+
$66
2010 2017 Forecast 16 Target Corporation 2017 Sales $6+ in billions Canada
$94+ U.S.U.S.
$100+ Target Corporation EPS CAGR = 8.1%
$4.00 $3.21 $3.33 $3.30 $2.71 $2.86
2005 2006 2007 2008 2009 2010 Target Corporation U.S. Contribution to EPS
CAGR = 8.8%+$7.20+
$4.00
2010 2017 Forecast Target Corporation U.S. Contribution to EPS CAGR Same-Store Sales 3%+ New Stores 2%+ EBITDA Margin Rate +/- EBIT Margin Rate 0.5%+ Share Repurchase 3% to 4% 8.8%+ Target Corporation Contribution to EPS Canada
$0.80+
2010 2017 Forecast Target Corporation Consolidated EPS
CAGR = 10.4%+ $8.00 $0.80 Canada
$4.00 $7.20 U.S.
2010 2017 Forecast Target Corporation Dividends Per Share
CAGR = 19% $0.92 $0.67 $0.54 $0.62 $0.38 $0.46
2005 2006 2007 2008 2009 2010 Target Corporation Dividends Per Share
CAGR = 18%+ $3.00+
$0.92
2010 2017 Forecast Value Today of $100 Invested 5 Years Ago
$156
$128 $112 $109 $105 $105 $102
$78 $76 $74 $71 $66 $54 $43 $42 $32
CVS Kohl’s Costco Target Kroger Lowe’s Macy’s S&P 500 Safeway Wal-Mart Walgreen Best Buy JCPenneySuperValu Home Depot Sears Holdings Picture with text - 0.42 Half Screen Picture - 0.10
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