Consolidated Results of Operations Go To Notes to Consolidated Financial Statements

(Millions of Dollars, Except per Share Data) 1998 1997 1996
Revenues $ 30,951 $ 27,757 $ 25,371
Costs and Expenses
   Cost of retail sales, buying and occupancy   22,634   20,320   18,628
   Selling, publicity and administrative   5,077   4,532   4,289
   Depreciation and amortization   780   693   650
   Interest expense   398   416   442
   Taxes other than income taxes   506   470   445
   Real estate repositioning       134
   Total costs and expenses   29,395   26,431   24,588
Earnings before income taxes and extraordinary charges   1,556   1,326   783
Provision for income taxes   594   524   309
Net Earnings Before Extraordinary Charges   962   802   474
Extraordinary charges from purchase and redemption of debt, net of tax   27   51   11
Net Earnings $ 935 $ 751 $ 463
Basic Earnings per Share
   Earnings before extraordinary charges $ 2.14 $ 1.80 $ 1.05
   Extraordinary charges   (.06)   (.12)   (.03)
Basic Earnings per Share $ 2.08 $ 1.68 $ 1.02
Diluted Earnings per Share
   Earnings before extraordinary charges $ 2.04 $ 1.70 $ 1.00
   Extraordinary charges   (.06)   (.11)   (.03)
Diluted Earnings per Share $ 1.98 $ 1.59 $ .97
Weighted Average Common Shares Outstanding (Millions)
   Basic   440.0   436.1   433.3
   Diluted   467.3   463.7   460.9
See Notes to Consolidated Financial Statements.

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