Target Corporation, is a general merchandise retailer that sells products through its stores and digital channels. The company offers everyday essentials and merchandise at discounted prices. The items reported on its income statement for an earlier year (ended February 1) are presented here (dollars in millions) in simplified form in alphabetical order:

Required:
Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. What is the gross profit percentage? Explain its meaning.

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Cost of goods sold Interest expense Net revenue Selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $54,864 468 78,112 18,590 909 510.9