| Quarterly Results |
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Quarterly Results
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First Quarter |
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Second Quarter |
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Third Quarter |
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Fourth Quarter |
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Total Year |
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(millions, except per share data)
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2012
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2011
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2012
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2011
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2012
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2011
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2012 (a)
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2011
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2012 (a)
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2011
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Sales |
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$ |
16,537 |
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$ |
15,580 |
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$ |
16,451 |
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$ |
15,895 |
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$ |
16,601 |
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$ |
16,054 |
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$ |
22,370 |
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$ |
20,937 |
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$ |
71,960 |
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$ |
68,466 |
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Credit card revenues |
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330 |
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355 |
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328 |
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345 |
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328 |
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348 |
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356 |
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351 |
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1,341 |
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1,399 |
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Total revenues |
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16,867 |
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15,935 |
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16,779 |
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16,240 |
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16,929 |
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16,402 |
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22,726 |
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21,288 |
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73,301 |
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69,865 |
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Cost of sales |
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11,541 |
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10,838 |
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11,297 |
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10,872 |
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11,569 |
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11,165 |
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16,160 |
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14,986 |
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50,568 |
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47,860 |
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Selling, general and administrative expenses |
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3,392 |
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3,233 |
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3,588 |
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3,473 |
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3,704 |
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3,525 |
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4,229 |
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3,876 |
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14,914 |
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14,106 |
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Credit card expenses |
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120 |
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88 |
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108 |
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86 |
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106 |
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109 |
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135 |
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162 |
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467 |
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446 |
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Depreciation and amortization |
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529 |
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512 |
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531 |
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509 |
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542 |
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546 |
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539 |
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564 |
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2,142 |
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2,131 |
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Gain on receivables held for sale |
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— |
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— |
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— |
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— |
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(156 |
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— |
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(5 |
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— |
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(161 |
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— |
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Earnings before interest expense and income taxes |
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1,285 |
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1,264 |
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1,255 |
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1,300 |
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1,164 |
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1,057 |
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1,668 |
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1,700 |
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5,371 |
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5,322 |
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Net interest expense |
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184 |
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183 |
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184 |
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191 |
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192 |
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200 |
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204 |
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292 |
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762 |
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866 |
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Earnings before income taxes |
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1,101 |
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1,081 |
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1,071 |
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1,109 |
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972 |
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857 |
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1,464 |
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1,408 |
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4,609 |
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4,456 |
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Provision for income taxes |
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404 |
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392 |
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367 |
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405 |
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335 |
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302 |
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503 |
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427 |
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1,610 |
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1,527 |
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Net earnings |
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$ |
697 |
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$ |
689 |
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$ |
704 |
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$ |
704 |
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$ |
637 |
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$ |
555 |
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$ |
961 |
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$ |
981 |
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$ |
2,999 |
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$ |
2,929 |
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Basic earnings per share |
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$ |
1.05 |
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$ |
0.99 |
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$ |
1.07 |
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$ |
1.03 |
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$ |
0.97 |
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$ |
0.82 |
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$ |
1.48 |
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$ |
1.46 |
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$ |
4.57 |
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$ |
4.31 |
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Diluted earnings per share |
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1.04 |
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0.99 |
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1.06 |
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1.03 |
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0.96 |
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0.82 |
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1.47 |
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1.45 |
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4.52 |
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4.28 |
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Dividends declared per share |
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0.30 |
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0.25 |
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0.36 |
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0.30 |
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0.36 |
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0.30 |
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0.36 |
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0.30 |
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1.38 |
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1.15 |
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Closing common stock price: |
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High |
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58.86 |
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55.39 |
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61.95 |
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51.81 |
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65.44 |
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55.56 |
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64.48 |
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54.75 |
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65.44 |
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55.56 |
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Low |
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50.33 |
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49.10 |
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54.81 |
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46.33 |
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60.62 |
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46.44 |
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58.57 |
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48.51 |
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50.33 |
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46.33 |
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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.
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