SEC Filing Summary: Dayton Hudson Corporation (Target Corp)
Business Context and Reporting Period
This Form 10-K is the annual report for Dayton Hudson Corporation (parent of Target Corp) for the fiscal year ended January 30, 1999. The company, incorporated in Minnesota in 1902, operates primarily through its Target division and Mervyn's subsidiary. The filing incorporates by reference the 1998 Annual Report to Shareholders and the Proxy Statement dated April 12, 1999, for detailed operational and financial data.
Key Financial Metrics
The specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity are not contained within the text of this cover document; they are incorporated by reference from the 1998 Annual Report to Shareholders (Pages 25-36 and 38). However, the following market data is provided:
- Market Capitalization: Aggregate market value of voting stock held by non-affiliates was $31.3 billion as of March 19, 1999.
- Share Price: Common stock closed at $67.75 per share on the NYSE (March 19, 1999).
- Outstanding Shares: 442,682,048 shares of common stock as of March 19, 1999.
- Preferred Stock: Series B ESOP Convertible Preferred Stock valued at $4,211.25 per share.
Material Changes and Operational Highlights
The filing does not explicitly detail year-over-year percentage changes in revenue or earnings within the provided text. Key operational context includes:
- Leadership: Robert J. Ulrich serves as Chairman and CEO. Key executives include Kenneth B. Woodrow (President of Target) and Bart Butzer (President of Mervyn's).
- Capital Structure: The company utilizes a special purpose subsidiary, Dayton Hudson Receivables Corporation (DHRC), for a securitization transaction transferring substantially all credit card receivables to a trust.
- Market Risk: Management states that market risk exposure for market risk-sensitive instruments is not material.
Guidance, Risks, and Contingencies
Specific forward-looking guidance, numerical outlooks, and detailed risk factors are incorporated by reference from the 1998 Annual Report and Proxy Statement. The filing notes the inclusion of "Cautionary Statements Relating to Forward-Looking Information" as Exhibit 99C. Legal proceedings and commitments are referenced from the Annual Report (Page 29).
Investor Verification Checklist
- Verify the specific Net Sales and Net Income figures for the fiscal year ended January 30, 1999, in the 1998 Annual Report to Shareholders (Pages 25-36).
- Review the Consolidated Statements of Cash Flows to assess liquidity and capital expenditure trends.
- Examine the Notes to Consolidated Financial Statements for details on the DHRC securitization transaction and its impact on the balance sheet.
- Check the Proxy Statement for details on executive compensation and director ownership.
- Confirm the status of Legal Proceedings and Commitments referenced on Page 29 of the Annual Report.