Target 2004 Annual Report Download - page 26
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(millions, except per share data) 2004 2003 2002
Sales $45,682 $40,928 $36,519
Net credit card revenues 1,157 1,097 891
Total revenues 46,839 42,025 37,410
Cost of sales 31,445 28,389 25,498
Selling, general and administrative expense 9,797 8,657 7,505
Credit card expense 737 722 629
Depreciation and amortization 1,259 1,098 967
Earnings from continuing operations before interest expense and income taxes 3,601 3,159 2,811
Net interest expense 570 556 584
Earnings from continuing operations before income taxes 3,031 2,603 2,227
Provision for income taxes 1,146 984 851
Earnings from continuing operations $ 1,885 $ 1,619 $ 1,376
Earnings from discontinued operations, net of $46, $116 and $152 tax $75 $ 190 $ 247
Gain on disposal of discontinued operations, net of $761 tax $1,238 $— $—
Net earnings $ 3,198 $ 1,809 $ 1,623
Basic earnings per share
Continuing operations $2.09 $ 1.78 $ 1.52
Discontinued operations $0.08 $ 0.21 $ 0.27
Gain from discontinued operations $1.37 $— $—
Basic earnings per share $ 3.54 $ 1.99 $ 1.79
Diluted earnings per share
Continuing operations $2.07 $ 1.76 $ 1.51
Discontinued operations $0.08 $ 0.21 $ 0.27
Gain from discontinued operations $1.36 $— $—
Diluted earnings per share $ 3.51 $ 1.97 $ 1.78
Weighted average common shares outstanding:
Basic 903.8 911.0 908.0
Diluted 912.1 919.2 914.3
See Notes to Consolidated Financial Statements throughout pages 28-37.
CONSOLIDATED RESULTS OF OPERATIONS