Case_-_Target_Versus_WalMart

Case_-_Target_Versus_WalMart - MANAGEMENT 120A CASE 2...

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MANAGEMENT 120A CASE 2 Target versus Wal-Mart DEPRECIATION DIFFERENCES Objective: Depreciation differences and financial statement analysis. Target Corporation is a general merchandise retailer. Its Target and Supertarget stores are part of the upscale discount chain. Wal-Mart Stores, Inc. operates retail stores in various retailing format in all 50 states in the United States. The company’s merchandising operations serve its customers primarily through the operation of three segments: the Wal-Mart stores segment includes its discount stores, Supercenters, and Neighborhood Markets in the United States; the Sam’s Club segment includes the warehouse membership clubs in the United States; the international segment includes all of its operations in Argentina, Brazil, Canada, China, Japan, Germany, Korea, Mexico, Puerto Rico, and the United Kingdom. Information taken from both firms’ 2003 annual reports to shareholders follows: CONSOLIDATED RESULTS OF OPERATIONS (millions, except per share data) 2002 2001 2000 Sales $ 42,722 $ 39,114 $ 36,310 Net credit card revenues 1,195 712 541 Total revenues 43,917 39,826 36,851 Cost of sales 29,260 27,143 25,214 Selling, general and administrative expense 9,416 8,461 7,928 Credit card expense 765 463 290 Depreciation and amortization 1,212 1,079 940 Interest expense 588 473 426 Earnings before income taxes 2,676 2,207
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