Target 2005 Annual Report Download - page 26

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24
(millions, except per share data) 2005 2004 2003
Sales $51,271 $45,682 $40,928
Net credit card revenues 1,349 1,157 1,097
Total revenues 52,620 46,839 42,025
Cost of sales 34,927 31,445 28,389
Selling, general and administrative expenses 11,185 9,797 8,657
Credit card expenses 776 737 722
Depreciation and amortization 1,409 1,259 1,098
Earnings from continuing operations before interest expense and income taxes 4,323 3,601 3,159
Net interest expense 463 570 556
Earnings from continuing operations before income taxes 3,860 3,031 2,603
Provision for income taxes 1,452 1,146 984
Earnings from continuing operations 2,408 1,885 1,619
Earnings from discontinued operations, net of taxes of $46 and $116 —75 190
Gain on disposal of discontinued operations, net of taxes of $761 —1,238 —
Net earnings $ 2,408 $ 3,198 $ 1,809
Basic earnings per share
Continuing operations $ 2.73 $ 2.09 $ 1.78
Discontinued operations —.08 .21
Gain from discontinued operations —1.37 —
Basic earnings per share $ 2.73 $ 3.54 $ 1.99
Diluted earnings per share
Continuing operations $ 2.71 $ 2.07 $ 1.76
Discontinued operations —.08 .21
Gain from discontinued operations —1.36 —
Diluted earnings per share $ 2.71 $ 3.51 $ 1.97
Weighted average common shares outstanding
Basic 882.0 903.8 911.0
Diluted 889.2 912.1 919.2
See Notes to Consolidated Financial Statements throughout pages 28-39.
CONSOLIDATED STATEMENTS OF OPERATIONS