Financial Summary

Financial Results (in millions)
Other revenue1,5321,3941,161982923
Total revenue109,120106,00593,56178,11275,356
Cost of sales82,22974,96366,17754,86453,299
Selling, general and administrative expenses (SG&A)20,65819,75218,61516,23315,723
Depreciation and amortization (exclusive of depreciation included in cost of sales)2,3852,3442,2302,3572,224
Operating income3,8488,9466,5394,6584,110
Net interest expense (a)478421977477461
Net other (income) / expense(48)(382)16(9)(27)
Earnings from continuing operations before income taxes3,4188,9075,5464,1903,676
Provision for income taxes6381,9611,178921746
Net earnings from continuing operations2,7806,9464,3683,2692,930
Discontinued operations, net of tax127
Net earnings$2,780$6,946$4,368$3,281$2,937
Per Share
Basic earnings per share     
Continuing operations
Discontinued operations
Net earnings per share$6.02$14.23$8.72$6.42$5.55
Diluted earnings per share     
Continuing operations
Discontinued operations
Net earnings per share$5.98$14.10$8.64$6.36$5.51
Cash dividends declared$4.14$3.38$2.70$2.62$2.54
FINANCIAL POSITION (in millions)     
Total assets$53,335$53,811$51,248$42,779$41,290
Capital expenditures$5,528$3,544$2,649$3,027$3,516
Long-term debt and other borrowings, including current portion$16,139$13,720$12,680$11,499$11,275
Less: Short-term investments
Net debt (b)$14,796$8,735$5,036$9,689$10,506
Shareholders’ investment$11,232$12,827$14,440$11,833$11,297
Comparable sales growth (c)2.2%12.7%19.3%3.4%5.0%
Gross margin (% of sales)23.6%28.3%28.4%28.9%28.4%
SG&A expenses (% of total revenue)18.9%18.6%19.9%20.8%20.9%
Operating income margin (% of total revenue)3.5%8.4%7.0%6.0%5.5%
Common shares outstanding (in millions)460.3471.3500.9504.2517.8
Operating cash flow provided by continuing operations (in millions)$4,018$8,625$10,525$7,099$5,970
Revenue per square foot (d)$447$437$388$326$314
Retail square feet (in thousands)244,584243,284241,648240,516239,581
Square footage growth0.5%0.7%0.5%0.4%0.1%
Total number of stores1,9481,9261,8971,8681,844
Total number of supply chain centers5548444240
  1. Includes losses on early retirement of debt of $512 million and $10 million for 2020 and 2019, respectively.
  2. We calculate Net Debt, a non-GAAP measure, as Long-Term Debt and Other Borrowings, Including Current Portion, net of Short-Term Investments. We believe Net Debt is a useful indicator of our level of financial leverage because short-term investments are available to pay debt maturity obligations. A reconciliation to the most comparable GAAP measure, Long-Term Debt and Other Borrowings, Including Current Portion, is provided above. Other companies may calculate Net Debt differently than we do, limiting the usefulness of the measure for comparisons with other companies.
  3. See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
  4. Represents revenue per retail square foot which is calculated using rolling four quarters average retail square feet.