(Dollars in millions, except per share data)
| |
|
2011 |
|
2010 |
| |
|
$ |
% to
Net sales |
|
$ |
% to
Net sales |
 |
| Net sales |
|
$26,405 |
|
|
$25,003 |
|
|
| Cost of sales |
|
15,738 |
59.6% |
|
14,824 |
59.3% |
|
| Gross margin |
|
10,667 |
40.4% |
|
10,179 |
40.7% |
|
| Selling, general and administrative expenses |
|
(8,281) |
(31.4%) |
|
(8,260) |
(33.0%) |
|
| Gain on sale of properties, impairments and store closing costs |
|
25 |
0.1% |
|
(25) |
(0.1%) |
|
| Operating Income |
|
2,411 |
9.1% |
|
1,894 |
7.6% |
|
| Interest expense - net |
|
(443) |
|
|
(574) |
|
|
| Income before income taxes |
|
1,968 |
|
|
1,320 |
|
|
| Federal, state and local income tax expense |
|
(712) |
|
|
(473) |
|
|
| Net income |
|
$ 1,256 |
|
|
$ 847 |
|
|
| Basic earnings per share |
|
$ 2.96 |
|
|
$ 2.00 |
|
|
| Diluted earnings per share |
|
$ 2.92 |
|
|
$ 1.98 |
|
The foregoing financial information should be read in conjuction with the audited financial statements, including the related notes and other information contained in the company's most recent Securities and Exchange filings.
|