Summary Financial and Operating Data
 
(Millions of Dollars, Except per Share Data) 1998 1997 1996 1995(a) 1994 1993
Results of Operations
Revenues $ 30,951 27,757 25,371 23,516 21,311 19,233
Cost of retail sales, buying and occupancy $ 22,634 20,320 18,628 17,527 15,636 14,164
Selling, publicity and administrative $ 5,077 4,532 4,289 4,043 3,614 3,158
Depreciation and amortization $ 780 693 650 594 548 515
Interest expense and interest equivalent $ 446 449 467 452 426 446
Earnings before income taxes and extraordinary charges (c) (d) $ 1,556 1,326 783 501 714 607
Income taxes $ 594 524 309 190 280 232
Net earnings (c) (d) (e) $ 935 751 463 311 434 375
Financial Position Data
Working capital $ 948 1,005 1,329 1,432 1,569 1,436
Property and equipment, net $ 8,969 8,125 7,467 7,294 6,385 5,947
Total assets $ 15,666 14,191 13,389 12,570 11,697 10,778
Long-term debt $ 4,452 4,425 4,808 4,959 4,488 4,279
Shareholders' investment $ 5,311 4,460 3,790 3,403 3,193 2,849
Per Common Share Data (b)
Diluted earnings per share (c) (d) (e) $ 1.98 1.59 .97 .65 .92 .80
Cash dividend declared $ .36 .33 .32 .30 .28 .27
Market price: high $ 63.75 36.84 19.94 13.25 14.31 13.94
                    low $ 33.75 18.94 12.25 10.75 10.88 10.56
                    year-end close $ 63.75 35.97 18.81 12.50 11.50 11.00
Common shareholders' investment $ 11.41 9.59 8.21 7.47 7.07 6.38
Other Data
Weighted average common shares outstanding (millions) (b)   440.0 436.1 433.3 431.0 429.6 428.8
Diluted average common shares outstanding (millions) (b)   467.3 463.7 460.9 458.3 457.4 456.3
Capital expenditures $ 1,657 1,354 1,301 1,522 1,095 978
Number of Stores: Target 851 796 736 670 611 554
                           Mervyn's   268 269 300 295 286 276
                           DSD   63 65 65 64 63 63
Total stores   1,182 1,130 1,101 1,029 960 893
Total retail square footage (thousands)   130,172 123,058 117,989 109,091 101,163 93,947
Number of employees   256,000 230,000 218,000 214,000 194,000 174,000
(a) Consisted of 53 weeks.
(b) Earnings per share, dividends per share, market price per share and common shares outstanding reflect our 1998 two-for-one common share split and our 1996 three-for-one common share split.
(c) 1998 includes a $35 million pre-tax gain ($.05 per share) related to the sale of securitized accounts receivable and a $38 million pre-tax loss ($.05 per share) related to the maturity of our 1995 securitization; 1997 included a $45 million pre-tax gain ($.06 per share) related to the sales of securitized accounts receivable.
(d) 1998 includes a mainframe outsourcing pre-tax charge of $42 million ($.06 per share) and the beneficial effect of $20 million ($.04 per share) of the favorable outcome of our inventory shortage tax matter. 1996 included a real estate repositioning pre-tax charge of $134 million ($.18 per share).
(e) Extraordinary charges, net of tax, related to early extinguishment of debt were $27 million ($.06 per share) in 1998, $51 million ($.11 per share) in 1997 and $11 million ($.02 per share) in 1996.
The Summary Financial and Operating Data should be read in conjunction with the Notes to Consolidated Financial Statements.

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