a.What were Target's Net earnings for 2015 (the year ended January 30, 2016)?

b.Did Target's net earnings increase or decrease from 2014 to 2015, and by how much?

c. Which of the following has the largest percentage change from 2014 to 2015: net sales; cost of sales; or selling, general, and administrative expenses? Show all computations.

Consolidated Statements of Operations 201? 2016 (millions, except per share data) 2013 As Adjusted\" As .4::_'.I'Lrstoo""'I Sales 5 74,433 5 ?1,786 5 69,414 Other revenue 923 928 35? Total revenue 75,356 ?2,714 70,2?1 Cost of sales 53.299 51.125 49.145 Selling, general and administrative expenses 15,723 15,140 14,21? Depreciation and amortization (exclusive of depreciation included in cost of sales] 2224 2,225 2045 Operating income 4,110 4,224 4,864 Net interest expense 461 653 991 Net other [income] I expense {2?} (59] {88] Earnings from continuing operations before income taxes 3.6?6 3.630 3.961 Provision for income taxes 746 722 1,295 Net earnings from continuing operations 2.930 2.908 2.666 Discontinued operations, net of tax i' 6 68 Net earnings 5 2.93? 5 2.914 5 2734 Basic earnings per share Continuing operations 5 5.54 5 5.32 5 4.61 Discontinued operations 0.01 0.01 0.12 Net earnings per share 5 5.55 5 5.32 5 4.?3 Diluted earnings per share Continuing operations 5 5.50 5 5.29 5 4.58 Discontinued operations 0.01 0.01 0.12 Net earnings per share 5 5.51 5 5.29 5 4.69 Weighted average common shares outstanding Basic 528.6 546.8 577.6 Diluted 533.2 550.3 582.5 Antidilutive shares 4.1 0.1 Consolidated Statements of Financial Position February 2, (millions, except footnotes) 2019 February 3, 2018 As Adjusted Assets Cash and cash equivalents CA 1,556 $ 2,643 Inventory 9,497 8,597 Other current assets 1,466 1,300 Total current assets 12,519 12,540 Property and equipment Land 6,064 6,095 Buildings and improvements 29,240 28.131 Fixtures and equipment 5,912 5,623 Computer hardware and software 2,544 2,645 Construction-in-progress 460 440 Accumulated depreciation (18,687) (18,398) Property and equipment, net 25,533 24,536 Operating lease assets 1,965 1,884 Other noncurrent assets 1,273 1,343 Total assets $ 41,290 $ 40,303 Liabilities and shareholders' investment Accounts payable $ 9,761 $ 8,677 Accrued and other current liabilities 4,201 4,094 Current portion of long-term debt and other borrowings 1,052 281 Total current liabilities 15,014 13,052 Long-term debt and other borrowings 10,223 11, 117 Noncurrent operating lease liabilities 2,004 1,924 Deferred income taxes 972 693 Other noncurrent liabilities 1,780 1,866 Total noncurrent liabilities 14,979 15.600 Shareholders' investment Common stock 43 45 Additional paid-in capital 6,042 5,858 Retained earnings 6,017 6.495 Accumulated other comprehensive loss (805) (747) Total shareholders' investment 11,297 11,651 Total liabilities and shareholders' investment $ 41,290 $ 40,303For the Fiscal Year 2017 (millions, except per share data) 2018 As Adjusted (313) 2016 2015 As Adjusted (3 As Adjusted 2014@) Sales 74,433 $ 71,786 $ 69,414 $ 73,717 $ 72,618 Total revenue 75,356 72,714 70,271 74,494 72,618 Net Earnings / (Loss) Continuing operations 2,930 2,908 2,666 3,321 2,449 Discontinued operations 7 6 68 42 (4,085) Net earnings / (loss) 2,937 2,914 2,734 3,363 (1,636) Basic Earnings / (Loss) Per Share Continuing operations 5.54 5.32 4.61 5.29 3.86 Discontinued operations 0.01 0.01 0.12 0.07 (6.44) Basic eamings / (loss) per share 5.55 5.32 4.73 5.35 (2.58) Diluted Earnings /(Loss) Per Share Continuing operations 5.50 5.29 4.58 5.25 3.83 Discontinued operations 0.01 0.01 0.12 0.07 (6.38) Diluted earnings / (loss) per share 5.51 5.29 4.69 5.31 (2.56) Cash dividends declared per share 2.54 2.46 2.36 2.20 1.99 As of February 2, February 3. January 28 2018 January 30, 2019 2017 January 31, As Adjusted () As Adjusted 20162 2015 Total assets 41,290 40,303 38,724 40,262 41,172 Long-term debt, including current portion 11,275 11,398 12,591 12,760 12,725