Target Corp. Consolidated Income Statement US$ in millions 12 months ended 2/1/2020 2/2/2019 2/3/2018 1/28/2017 1/30/2016 1/31/2015 Sales 77,130 74,433 71,879 69,495 73,785 72,618 Cost of sales -54,864 -53,299 -51,125 -48,872 -51,997 -51,278 Gross margin 22,266 21,134 20,754 20,623 21,788 21,340 Other revenue 982 923 0 0 0 0 Selling, general and administrative expenses -16,233 -15,723 -14,248 -13,356 -14,665 -14,676 Depreciation and amortization, exclusive of depreciation included in cost of sales -2,357 -2,224 -2,194 -2,298 -2,213 -2,129 Gain on sale 0 0 0 0 620 0 Operating income 4,658 4,110 4,312 4,969 5,530 4,535 Net interest expense -477 -461 -666 -1,004 -607 -882 Net other income (expense) 9 27 0 0 0 0 Earnings from continuing operations before income taxes 4,190 3,676 3,646 3,965 4,923 3,653 Provision for income taxes -921 -746 -718 -1,296 -1,602 -1,204 Net earnings from continuing operations 3,269 2,930 2,928 2,669 3,321 2,449 Discontinued operations, net of tax 12 7 6 68 42 -4,085 Net earnings (loss) 3,281 2,937 2,934 2,737 3,363 -1,636

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