Five-Year Financial Summary

 2023(a)2022202120202019
Financial Results (in millions)

    
Sales$105,803$107,588$104,611$92,400$77,130
Other revenue1,6091,5321,3941,161982
Total revenue107,412109,120106,00593,56178,112
Cost of sales77,73682,22974,96366,17754,864
Selling, general and administrative expenses (SG&A)21,55420,65819,75218,61516,233
Depreciation and amortization (exclusive of depreciation included in cost of sales)2,4152,3852,3442,2302,357
Operating income5,7073,8488,9466,5394,658
Net interest expense (b)502478421977477
Net other (income) / expense(92)(48)(382)16(9)
Earnings from continuing operations before income taxes5,2973,4188,9075,5464,190
Provision for income taxes1,1596381,9611,178921
Net earnings from continuing operations4,1382,7806,9464,3683,269
Discontinued operations, net of tax12
Net earnings$4,138$2,780$6,946$4,368$3,281
Per Share

    
Basic earnings per share
    
Continuing operations
$8.96$6.02$14.23$8.72$6.39
Discontinued operations
0.02
Net earnings per share8.96$6.02$14.23$8.72$6.42
Diluted earnings per share
    
Continuing operations
$8.94$5.98$14.10$8.64$6.34
Discontinued operations
0.02
Net earnings per share$8.94$5.98$14.10$8.64$6.36
Cash dividends declared$4.38$4.14$3.38$2.70$2.62
FINANCIAL POSITION (in millions)
    
Total assets$55,356$53,335$53,811$51,248$42,779
Long-term debt and other borrowings, including current portion$16,038$16,139$13,720$12,680$11,499
Less: Short-term investments
2,8971,3434,9857,6441,810
Net debt (c)$13,141$14,796$8,735$5,036$9,689
Shareholders’ investment$13,432$11,232$12,827$14,440$11,833
FINANCIAL RATIOS
    
Comparable sales performance (d)(3.7)%2.2%12.7%19.3%3.4%
Gross margin (% of sales)26.5%23.6%28.3%28.4%28.9%
SG&A expenses (% of total revenue)20.1%18.9%18.6%19.9%20.8%
Operating income margin (% of total revenue)5.3%3.5%8.4%7.0%6.0%
OTHER
    
Common shares outstanding (in millions)461.7460.3471.3500.9504.2
Operating cash flow provided by continuing operations (in millions)$8,621$4,018$8,625$10,525$7,099
Capital expenditures (in millions)$4,806$5,528$3,544$2,649$3,027
Revenue per square foot (e)$438$447$437$388$326
Retail square feet (in thousands)245,939244,584243,284241,648240,516
Square footage growth0.6%0.5%0.7%0.5%0.4%
Total number of stores1,9561,9481,9261,8971,868
Total number of supply chain facilities5855484442

(a) 2023 consisted of 53 weeks compared with 52 weeks each in years 2019-2022.

(b) Includes losses on early retirement of debt of $512 million and $10 million for 2020 and 2019, respectively.

(c) 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.

(d) See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.

(e) Represents revenue per retail square foot which is calculated using rolling four quarters average retail square feet.