Target 2006 Annual Report Download - page 42

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Consolidated Statements of Operations
(millions, except per share data) 2006 2005 2004
Sales $57,878 $51,271 $45,682
Net credit card revenues 1,612 1,349 1,157
Total revenues 59,490 52,620 46,839
Cost of sales 39,399 34,927 31,445
Selling, general and administrative expenses 12,819 11,185 9,797
Credit card expenses 707 776 737
Depreciation and amortization 1,496 1,409 1,259
Earnings from continuing operations before interest expense and income taxes 5,069 4,323 3,601
Net interest expense 572 463 570
Earnings from continuing operations before income taxes 4,497 3,860 3,031
Provision for income taxes 1,710 1,452 1,146
Earnings from continuing operations 2,787 2,408 1,885
Earnings from discontinued operations, net of taxes of $46 ——75
Gain on disposal of discontinued operations, net of taxes of $761 —— 1,238
Net earnings $ 2,787 $ 2,408 $ 3,198
Basic earnings per share
Continuing operations $ 3.23 $ 2.73 $ 2.09
Discontinued operations —— .08
Gain from discontinued operations —— 1.37
Basic earnings per share $ 3.23 $ 2.73 $ 3.54
Diluted earnings per share
Continuing operations $ 3.21 $ 2.71 $ 2.07
Discontinued operations —— .08
Gain from discontinued operations —— 1.36
Diluted earnings per share $ 3.21 $ 2.71 $ 3.51
Weighted average common shares outstanding
Basic 861.9 882.0 903.8
Diluted 868.6 889.2 912.1
See accompanying Notes to Consolidated Financial Statements.
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