Target 2008 Annual Report Download - page 46

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Consolidated Statements of Operations
(millions, except per share data) 2008 2007 2006
Sales $62,884 $61,471 $57,878
Credit card revenues 2,064 1,896 1,612
Total revenues 64,948 63,367 59,490
Cost of sales 44,157 42,929 40,366
Selling, general and administrative expenses 12,954 12,670 11,852
Credit card expenses 1,609 837 707
Depreciation and amortization 1,826 1,659 1,496
Earnings before interest expense and income taxes 4,402 5,272 5,069
Net interest expense
Nonrecourse debt collateralized by credit card receivables 167 133 98
Other interest expense 727 535 499
Interest income (28) (21) (25)
Net interest expense 866 647 572
Earnings before income taxes 3,536 4,625 4,497
Provision for income taxes 1,322 1,776 1,710
Net earnings $ 2,214 $ 2,849 $ 2,787
Basic earnings per share $ 2.87 $ 3.37 $ 3.23
Diluted earnings per share $ 2.86 $ 3.33 $ 3.21
Weighted average common shares outstanding
Basic 770.4 845.4 861.9
Diluted 773.6 850.8 868.6
See accompanying Notes to Consolidated Financial Statements.
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