Due to the seasonal nature of our business, fourth quarter operating results typically represent a substantially larger share of total year revenues and earnings because they include our peak sales period from Thanksgiving through the end of December. We follow the same accounting policies for preparing quarterly and annual financial data. The table below summarizes quarterly results for 2011 and 2010:

Quarterly Results	First Quarter					Second Quarter						Third Quarter						Fourth Quarter						Total Year


(millions, except per share data)	2011		2010			2011			2010			2011			2010			2011			2010			2011			2010

Sales	$	15,580	$	15,158		$	15,895		$	15,126		$	16,054		$	15,226		$	20,937		$	20,277		$	68,466		$	65,786
Credit card revenues		355		435			345			406			348			379			351			384			1,399			1,604

Total revenues		15,935		15,593			16,240			15,532			16,402			15,605			21,288			20,661			69,865			67,390
Cost of sales		10,838		10,412			10,872			10,293			11,165			10,562			14,986			14,458			47,860			45,725
Selling, general and administrative expenses		3,233		3,143			3,473			3,263			3,525			3,345			3,876			3,720			14,106			13,469
Credit card expenses		88		280			86			214			109			198			162			167			446			860
Depreciation and amortization		512		516			509			496			546			533			564			538			2,131			2,084

Earnings before interest expense and income taxes		1,264		1,242			1,300			1,266			1,057			967			1,700			1,778			5,322			5,252
Net interest expense
Nonrecourse debt collateralized by credit card receivables		19		23			18			21			18			20			17			19			72			83
Other interest expense		164		165			174			165			184			175			276			172			797			677
Interest income		—		(1	)		(1	)		(1	)		(2	)		(1	)		(1	)		(1	)		(3	)		(3	)

Net interest expense		183		187			191			185			200			194			292			190			866			757

Earnings before income taxes		1,081		1,055			1,109			1,081			857			773			1,408			1,588			4,456			4,495
Provision for income taxes		392		384			405			402			302			238			427			553			1,527			1,575

Net earnings	$	689	$	671		$	704		$	679		$	555		$	535		$	981		$	1,035		$	2,929		$	2,920

Basic earnings per share	$	0.99	$	0.91		$	1.03		$	0.93		$	0.82		$	0.75		$	1.46		$	1.46		$	4.31		$	4.03
Diluted earnings per share		0.99		0.90			1.03			0.92			0.82			0.74			1.45			1.45			4.28			4.00
Dividends declared per share		0.25		0.17			0.30			0.25			0.30			0.25			0.30			0.25			1.15			0.92
Closing common stock price:
High		55.39		58.05			51.81			57.13			55.56			55.05			54.75			60.77			55.56			60.77
Low		49.10		48.64			46.33			49.00			46.44			50.72			48.51			53.48			46.33			48.64

Note: Per share amounts are computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and all other quarterly amounts may not equal the total year due to rounding.

Sales by Product Category (a)	First Quarter						Second Quarter						Third Quarter						Fourth Quarter						Total Year


	2011			2010			2011			2010			2011			2010			2011			2010			2011			2010

Household essentials		26	%		26	%		26	%		26	%		26	%		26	%		21	%		20	%		25	%		24	%
Hardlines		17			18			16			17			15			16			26			27			19			20
Apparel and accessories		20			20			21			21			20			21			18			18			19			20
Food and pet supplies		20			18			18			16			20			18			17			16			19			17
Home furnishings and décor		17			18			19			20			19			19			18			19			18			19

Total		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%		100	%