Target 2011 Annual Report Download - page 55
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Consolidated Statements of Operations
(millions, except per share data) 2011 2010 2009
Sales $68,466 $65,786 $63,435
Credit card revenues 1,399 1,604 1,922
Total revenues 69,865 67,390 65,357
Cost of sales 47,860 45,725 44,062
Selling, general and administrative expenses 14,106 13,469 13,078
Credit card expenses 446 860 1,521
Depreciation and amortization 2,131 2,084 2,023
Earnings before interest expense and income taxes 5,322 5,252 4,673
Net interest expense
Nonrecourse debt collateralized by credit card receivables 72 83 97
Other interest expense 797 677 707
Interest income (3) (3) (3)
Net interest expense 866 757 801
Earnings before income taxes 4,456 4,495 3,872
Provision for income taxes 1,527 1,575 1,384
Net earnings $ 2,929 $ 2,920 $ 2,488
Basic earnings per share $ 4.31 $ 4.03 $ 3.31
Diluted earnings per share $ 4.28 $ 4.00 $ 3.30
Weighted average common shares outstanding
Basic 679.1 723.6 752.0
Diluted 683.9 729.4 754.8
See accompanying Notes to Consolidated Financial Statements.
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PART II