Horizontal analysis of income statement OBJ. 5 The following data (in millions) are taken from the financial statements of Target Corporation:

Recent Year Prior Year Revenue $69,865 $67,390 Operating expenses 64,543 62,138 Operating income $ 5,322 $ 5,252

a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for:

1. Revenue 2. Operating expenses 3. Operating income

b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?