Target 2015 Annual Report Download - page 39

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Consolidated Statements of Operations
(millions, except per share data) 2015 2014 2013
Sales $ 73,785 $ 72,618 $ 71,279
Cost of sales 51,997 51,278 50,039
Gross margin 21,788 21,340 21,240
Selling, general and administrative expenses 14,665 14,676 14,465
Depreciation and amortization 2,213 2,129 1,996
Gain on sale (620) — (391)
Earnings from continuing operations before interest expense and income
taxes
5,530 4,535 5,170
Net interest expense 607 882 1,049
Earnings from continuing operations before income taxes 4,923 3,653 4,121
Provision for income taxes 1,602 1,204 1,427
Net earnings from continuing operations 3,321 2,449 2,694
Discontinued operations, net of tax 42 (4,085) (723)
Net earnings / (loss) $ 3,363 $ (1,636) $ 1,971
Basic earnings / (loss) per share
Continuing operations $ 5.29 $ 3.86 $ 4.24
Discontinued operations 0.07 (6.44) (1.14)
Net earnings / (loss) per share $ 5.35 $ (2.58) $ 3.10
Diluted earnings / (loss) per share
Continuing operations $ 5.25 $ 3.83 $ 4.20
Discontinued operations 0.07 (6.38) (1.13)
Net earnings / (loss) per share $ 5.31 $ (2.56) $ 3.07
Weighted average common shares outstanding
Basic 627.7 634.7 635.1
Dilutive effect of share-based awards 5.2 5.4 6.7
Diluted 632.9 640.1 641.8
Antidilutive shares — 3.3 2.3
Note: Per share amounts may not foot due to rounding.
See accompanying Notes to Consolidated Financial Statements.
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