30. Quarterly Results (Unaudited)

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 2012 and 2011:

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


(millions, except per share data)	2012		2011		2012		2011		2012			2011		2012 *(a)*			*2011*		2012 *(a)*			*2011*

Sales	$	16,537	$	15,580	$	16,451	$	15,895	$	16,601		$	16,054	$	22,370		$	20,937	$	71,960		$	68,466
Credit card revenues		330		355		328		345		328			348		356			351		1,341			1,399

Total revenues		16,867		15,935		16,779		16,240		16,929			16,402		22,726			21,288		73,301			69,865
Cost of sales		11,541		10,838		11,297		10,872		11,569			11,165		16,160			14,986		50,568			47,860
Selling, general and administrative expenses		3,392		3,233		3,588		3,473		3,704			3,525		4,229			3,876		14,914			14,106
Credit card expenses		120		88		108		86		106			109		135			162		467			446
Depreciation and amortization		529		512		531		509		542			546		539			564		2,142			2,131
Gain on receivables held for sale		—		—		—		—		(156	)		—		(5	)		—		(161	)		—

Earnings before interest expense and income taxes		1,285		1,264		1,255		1,300		1,164			1,057		1,668			1,700		5,371			5,322
Net interest expense		184		183		184		191		192			200		204			292		762			866

Earnings before income taxes		1,101		1,081		1,071		1,109		972			857		1,464			1,408		4,609			4,456
Provision for income taxes		404		392		367		405		335			302		503			427		1,610			1,527

Net earnings	$	697	$	689	$	704	$	704	$	637		$	555	$	961		$	981	$	2,999		$	2,929

Basic earnings per share	$	1.05	$	0.99	$	1.07	$	1.03	$	0.97		$	0.82	$	1.48		$	1.46	$	4.57		$	4.31
Diluted earnings per share		1.04		0.99		1.06		1.03		0.96			0.82		1.47			1.45		4.52			4.28
Dividends declared per share		0.30		0.25		0.36		0.30		0.36			0.30		0.36			0.30		1.38			1.15
Closing common stock price:
High		58.86		55.39		61.95		51.81		65.44			55.56		64.48			54.75		65.44			55.56
Low		50.33		49.10		54.81		46.33		60.62			46.44		58.57			48.51		50.33			46.33

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.

(a): The fourth quarter and total year 2012 consisted of 14 weeks and 53 weeks, respectively, compared with 13 weeks and 52 weeks in the comparable prior-year periods.

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


	2012			2011			2012			2011			2012			2011			2012			2011			2012			2011

Household essentials		26	%		26	%		27	%		26	%		26	%		26	%		21	%		21	%		25	%		25	%
Hardlines		16			17			15			16			14			15			24			26			18			19
Apparel and accessories		20			20			20			21			20			20			18			18			19			19
Food and pet supplies		21			20			20			18			21			20			18			17			20			19
Home furnishings and décor		17			17			18			19			19			19			19			18			18			18

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

(a): As a percentage of sales.