Financial Summary
| 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|
Financial Results (in millions) | |||||
| Sales | $107,588 | $104,611 | $92,400 | $77,130 | $74,433 |
| Other revenue | 1,532 | 1,394 | 1,161 | 982 | 923 |
| Total revenue | 109,120 | 106,005 | 93,561 | 78,112 | 75,356 |
| Cost of sales | 82,229 | 74,963 | 66,177 | 54,864 | 53,299 |
| Selling, general and administrative expenses (SG&A) | 20,658 | 19,752 | 18,615 | 16,233 | 15,723 |
| Depreciation and amortization (exclusive of depreciation included in cost of sales) | 2,385 | 2,344 | 2,230 | 2,357 | 2,224 |
| Operating income | 3,848 | 8,946 | 6,539 | 4,658 | 4,110 |
| Net interest expense (a) | 478 | 421 | 977 | 477 | 461 |
| Net other (income) / expense | (48) | (382) | 16 | (9) | (27) |
| Earnings from continuing operations before income taxes | 3,418 | 8,907 | 5,546 | 4,190 | 3,676 |
| Provision for income taxes | 638 | 1,961 | 1,178 | 921 | 746 |
| Net earnings from continuing operations | 2,780 | 6,946 | 4,368 | 3,269 | 2,930 |
| Discontinued operations, net of tax | — | — | — | 12 | 7 |
| Net earnings | $2,780 | $6,946 | $4,368 | $3,281 | $2,937 |
Per Share | |||||
| Basic earnings per share | |||||
Continuing operations | $6.02 | $14.23 | $8.72 | $6.39 | $5.54 |
Discontinued operations | — | — | — | 0.02 | 0.01 |
| Net earnings per share | $6.02 | $14.23 | $8.72 | $6.42 | $5.55 |
| Diluted earnings per share | |||||
Continuing operations | $5.98 | $14.10 | $8.64 | $6.34 | $5.50 |
Discontinued operations | — | — | — | 0.02 | 0.01 |
| 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 | 1,343 | 4,985 | 7,644 | 1,810 | 769 |
| 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 |
| FINANCIAL RATIOS | |||||
| 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% |
| OTHER | |||||
| Common shares outstanding (in millions) | 460.3 | 471.3 | 500.9 | 504.2 | 517.8 |
| 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) | 244,584 | 243,284 | 241,648 | 240,516 | 239,581 |
| Square footage growth | 0.5% | 0.7% | 0.5% | 0.4% | 0.1% |
| Total number of stores | 1,948 | 1,926 | 1,897 | 1,868 | 1,844 |
| Total number of supply chain centers | 55 | 48 | 44 | 42 | 40 |
- Includes losses on early retirement of debt of $512 million and $10 million for 2020 and 2019, respectively.
- 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.
- See definition of comparable sales in Form 10-K, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations.
- Represents revenue per retail square foot which is calculated using rolling four quarters average retail square feet.