Income Statement

Amounts in thousands, except per share data

                                Fiscal Year Ended

                             January 28,    January 29,    January 30,
                             1996           1995           1994

Net Sales                    $15,470,358    $12,476,697     $9,238,763
Cost of Merchandise Sold      11,184,772      8,991,204      6,685,384
      Gross Profit             4,285,586      3,485,493      2,553,379

Operating Expenses:
  Selling and Store Operating     2,783,926      2,216,540      1,624,920
  Pre-Opening                        52,342         51,307         36,816
  General and Administrative        269,464        230,456        184,954
      Total Operating Expenses    3,105,732      2,498,303      1,846,690
      Operating Income            1,179,854        987,190        706,689
Interest Income (Expense):
  Interest and Investment Income     19,597         28,510         60,896
  Interest Expense (note 2)          (4,148)       (35,949)       (30,714)
      Interest, Net                  15,449         (7,439)        30,182
      Earnings Before Taxes        1,195,303        979,751        736,871
Income Taxes (note 3)                463,780        375,250        279,470
      Net Earnings               $   731,523     $  604,501     $  457,401
Earnings Per Share               $      1.54     $     1.32     $     1.01
Weighted Average Number of Common
    and Common Equivalent Shares     477,977        475,947        453,037


See accompanying notes to consolidated financial statements.

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