Financial Summary

 2020201920182017 (a)2016
Financial Results (in millions)
   

Sales$92,400$77,130$74,433$71,786$69,414
Other revenue1,161982923928857
Total revenue93,56178,11275,35672,71470,271
Cost of sales66,17754,86453,29951,12549,145
Selling, general and administrative expenses (SG&A)18,61516,23315,72315,14014,217
Depreciation and amortization (exclusive of depreciation included in cost of sales)2,2302,3572,2242,2252,045
Operating income6,5394,6584,1104,2244,864
Net interest expense (b)977477461653991
Net other (income) / expense16(9)(27)(59)(88)
Earnings from continuing operations before income taxes5,5464,1903,6763,6303,961
Provision for income taxes (c)1,1789217467221,295
Net earnings from continuing operations4,3683,2692,9302,9082,666
Discontinued operations, net of tax—127668
Net earnings$4,368$3,281$2,937$2,914$2,734
Per Share
   

Basic earnings per share   

Continuing operations
$8.72$6.39$5.54$5.32$4.61
Discontinued operations
—0.020.010.010.12
Net earnings per share$8.72$6.42$5.55$5.32$4.73
Diluted earnings per share   

Continuing operations
$8.64$6.34$5.50$5.29$4.58
Discontinued operations
—0.020.010.010.12
Net earnings per share$8.64$6.36$5.51$5.29$4.69
Cash dividends declared$2.70$2.62$2.54$2.46$2.36
FINANCIAL POSITION (in millions)   

Total assets$51,248$42,779$41,290$40,303$38,724
Capital expenditures$2,649$3,027$3,516$2,533$1,547
Long-term debt, including current portion$12,680$11,499$11,275$11,398$12,591
Net debt (d)$5,036$9,689$10,506$10,267$11,481
Shareholders’ investment$14,440$11,833$11,297$11,651$10,915
FINANCIAL RATIOS   

Comparable sales growth (e)19.3%3.4%5.0%1.3%(0.5)%
Gross margin (% of sales)28.4%28.9%28.4%28.8%29.2%
SG&A expenses (% of total revenue)19.9%20.8%20.9%20.8%20.2%
Operating income margin (% of total revenue)7.0%6.0%5.5%5.8%6.9%
OTHER   

Common shares outstanding (in millions)500.9504.2517.8541.7556.2
Operating cash flow provided by continuing operations (in millions)$10,525$7,099$5,970$6,861$5,337
Revenue per square foot (f)$388$326$314$298$293
Retail square feet (in thousands)241,648240,516239,581239,355239,502
Square footage growth0.5%0.4%0.1%(0.1)%—%
Total number of stores1,8971,8681,8441,8221,802
Total number of supply chain centers4442404140
  1. Consisted of 53 weeks.
  2. Includes losses on early retirement of debt of $512 million, $10 million, $123 million, and $422 million for 2020, 2019, 2017, and 2016, respectively.
  3. For 2018 and 2017, includes $36 million and $343 million, respectively, of discrete tax benefits related to the Tax Cuts and Jobs Act of 2017.
  4. Including current portion of long-term debt and other borrowings, net of short-term investments of $7.6 billion, $1.8 billion, $769 million, $1.1 billion, and $1.1 billion in 2020, 2019, 2018, 2017, and 2016, respectively. Management believes this measure is an indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. For 2017 and earlier, only short-term investments held by U.S. entities were used to calculate net debt because amounts held by entities located outside the U.S. were restricted for use.
  5. See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
  6. Represents revenue per square foot which is calculated using rolling four quarters average square feet. In 2017, revenue per square foot was calculated excluding the 53rd week in order to provide a more useful comparison to other years. Using total reported revenue for 2017 (including the 53rd week) resulted in revenue per square foot of $303.