Item 6. Selected Financial Data

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Item 6. Selected Financial Data


Dollars in millions	Fiscal Year Ended January
except per share amounts	2014			2013			2012			2011			2010
				(53 Weeks)
Income statement and per share data:
Net sales	$	27,423		$	25,878		$	23,191		$	21,942		$	20,288
Income from continuing operations	$	2,137		$	1,907		$	1,496		$	1,340		$	1,214
Weighted average common shares for diluted earnings per share calculation (in thousands)(1)		726,376			747,555			773,772			812,826			855,239
Diluted earnings per share from continuing operations(1)	$	2.94		$	2.55		$	1.93		$	1.65		$	1.42
Cash dividends declared per share(1)	$	0.58		$	0.46		$	0.38		$	0.30		$	0.24
Balance sheet data:
Cash and cash equivalents	$	2,150		$	1,812		$	1,507		$	1,742		$	1,615
Working capital	$	2,550		$	1,951		$	2,069		$	1,966		$	1,909
Total assets	$	10,201		$	9,512		$	8,282		$	7,972		$	7,464
Capital expenditures	$	947		$	978		$	803		$	707		$	429
Long-term obligations(2)	$	1,274		$	775		$	785		$	788		$	790
Shareholders’ equity	$	4,230		$	3,666		$	3,209		$	3,100		$	2,889
Other financial data:
After-tax return (continuing operations) on average shareholders’ equity		54.1	%		55.5	%		47.4	%		44.7	%		48.3	%
Total debt as a percentage of total capitalization(3)		23.2	%		17.4	%		19.7	%		20.3	%		21.5	%
Stores in operation:
In the United States:
T.J. Maxx		1,079			1,036			983			923			890
Marshalls		942			904			884			830			813
Sierra Trading Post		4			4			—			—			—
HomeGoods		450			415			374			336			323
A.J. Wright(4)		—			—			—			142			150
In Canada:
Winners		227			222			216			215			211
HomeSense		91			88			86			82			79
Marshalls		27			14			6			—			—
In Europe:
T.K. Maxx		371			343			332			307			263
HomeSense		28			24			24			24			14

Total		3,219			3,050			2,905			2,859			2,743

Selling square footage (in thousands):
In the United States:
T.J. Maxx		24,712			23,894			22,894			21,611			20,890
Marshalls		23,092			22,380			22,042			20,912			20,513
Sierra Trading Post		83			83			—			—			—
HomeGoods		8,865			8,210			7,391			6,619			6,354
A.J. Wright(4)		—			—			—			2,874			3,012
In Canada:
Winners		5,196			5,115			5,008			4,966			4,847
HomeSense		1,748			1,698			1,670			1,594			1,527
Marshalls		666			363			162			—			—
In Europe:
T.K. Maxx		8,383			7,830			7,588			7,052			6,106
HomeSense		464			411			402			402			222

Total		73,209			69,984			67,157			66,030			63,471

(1)	Fiscal 2011 and fiscal 2010 have been restated to reflect the two-for-one stock split effected in February 2012.

(2)	Includes long-term debt, exclusive of current installments and capital lease obligation, less portion due within one year.

(3)	Total capitalization includes shareholders’ equity, short-term debt, long-term debt and capital lease obligation, including current maturities.

(4)	As a result of the consolidation of the A.J. Wright chain, all A.J. Wright stores ceased operations by the end of February 2011.

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