Financial Summary

 20212020201920182017 (a)
Financial Results (in millions)
Other revenue1,3941,161982923928
Total revenue106,00593,56178,11275,35672,714
Cost of sales74,96366,17754,86453,29951,125
Selling, general and administrative expenses (SG&A)19,75218,61516,23315,72315,140
Depreciation and amortization (exclusive of depreciation included in cost of sales)2,3442,2302,3572,2242,225
Operating income8,9466,5394,6584,1104,224
Net interest expense (b)421977477461653
Net other (income) / expense(382)16(9)(27)(59)
Earnings from continuing operations before income taxes8,9075,5464,1903,6763,630
Provision for income taxes (c)1,9611,178921746722
Net earnings from continuing operations6,9464,3683,2692,9302,908
Discontinued operations, net of tax1276
Net earnings$6,946$4,368$3,281$2,937$2,914
Per Share
Basic earnings per share    
Continuing operations
Discontinued operations
Net earnings per share$14.23$8.72$6.42$5.55$5.32
Diluted earnings per share    
Continuing operations
Discontinued operations
Net earnings per share$14.10$8.64$6.36$5.51$5.29
Cash dividends declared$3.38$2.70$2.62$2.54$2.46
FINANCIAL POSITION (in millions)    
Total assets$53,811$51,248$42,779$41,290$40,303
Capital expenditures$3,544$2,649$3,027$3,516$2,533
Long-term debt, including current portion$13,720$12,680$11,499$11,275$11,398
Net debt (d)$8,735$5,036$9,689$10,506$10,267
Shareholders’ investment$12,827$14,440$11,833$11,297$11,651
Comparable sales growth (e)12.7%19.3%3.4%5.0%1.3%
Gross margin (% of sales)28.3%28.4%28.9%28.4%28.8%
SG&A expenses (% of total revenue)18.6%19.9%20.8%20.9%20.8%
Operating income margin (% of total revenue)8.4%7.0%6.0%5.5%5.8%
Common shares outstanding (in millions)471.3500.9504.2517.8541.7
Operating cash flow provided by continuing operations (in millions)$8,625$10,525$7,099$5,970$6,861
Revenue per square foot (f)$437$388$326$314$298
Retail square feet (in thousands)243,284241,648240,516239,581239,355
Square footage growth0.7%0.5%0.4%0.1%(0.1)%
Total number of stores1,9261,8971,8681,8441,822
Total number of supply chain centers4844424041
  1. Consisted of 53 weeks.
  2. Includes losses on early retirement of debt of $512 million, $10 million, and $123 million for 2020, 2019, and 2017, 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 $5.0 billion, $7.6 billion, $1.8 billion, $769 million, and $1.1 billion as of year-end 2021, 2020, 2019, 2018, and 2017, 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, 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.