(Millions of Dollars Except Per Share Data)
			1996			1995			1994			1993			1992			1991			1990			1989			1988			1987
	Operations
	Net sales	$	4,133		$	3,274		$	3,100		$	2,949		$	2,748		$	2,541		$	2,267		$	2,123		$	1,950		$	1,801
	Cost of goods sold		2,405			1,877			1,773			1,697			1,589			1,500			1,338			1,275			1,187			1,067
	Selling and administrative expenses		1,309			1,075			1,018			981			915			826			745			686			629			579
	Interest expense		25			3			3			6			9			12			11			13			14			18
	Income from continuing operations
	before income taxes and cumulative
	effects of changes in
	accounting methods		375			318			299			264			226			199			187			170			163			161
	Income from continuing operations
	before cumulative effects of
	changes in accounting methods		229			201			187			165			145			128			123			109			101			94
	Net income		229			201			187			165			63	*		128			123			109			101			97
	Financial Position
	Inventories	$	643		$	463		$	459		$	429		$	408		$	422		$	373		$	326		$	323		$	281
	Accounts receivable - net		452			334			311			298			277			247			230			206			196			176
	Working capital		365			620			592			597			498			399			392			413			388			373
	Property, plant and equipment - net		549			456			409			394			388			377			373			359			333			289
	Total assets		2,995			2,141			1,962			1,915			1,730			1,612			1,504			1,375			1,259			1,210
	Long-term debt		143			24			20			38			60			72			138			105			130			141
	Total debt		313			25			21			40			73			115			141			125			137			149
	Common shareholders' equity		1,401			1,212			1,053			1,033			906			868			764			668			601			550
	Per Common Share Data (E)
	Average shares and equivalents (000's)		172,901			171,487			173,723			178,872			177,810			176,364			174,112			172,652			175,660			179,352
	Book value	$	8.15		$	7.09		$	6.21		$	5.84		$	5.13		$	4.95		$	4.40		$	3.87		$	3.49		$	3.15
	Income from continuing operations
	before cumulative effects of
	changes in accounting methods		1.33			1.17			1.07			.93			.82			.73			.71			.63			.58			.53
	Net income		1.33			1.17			1.07			.93			.36	*		.73			.71			.63			.58			.54
	Cash dividends		.35			.32			.28			.25			.22			.21			.19			.18			.16			.14
	Financial Ratios
	Return on sales (A)		5.5	%		6.1	%		6.0	%		5.6	%		5.3	%		5.0	%		5.4	%		5.1	%		5.2	%		5.2	%
	Asset turnover		1.4	x		1.5	x		1.6	x		1.5	x		1.6	x		1.6	x		1.5	x		1.5	x		1.6	x		1.7	x
	Return on assets (A)		7.7	%		9.4	%		9.5	%		8.6	%		8.4	%		8.0	%		8.2	%		7.9	%		8.0	%		7.8	%
	Return on equity (B):
	From continuing operations		18.9	%		19.0	%		18.1	%		18.2	%		16.7	%		16.8	%		18.4	%		18.1	%		18.4	%		19.1	%
	From total operations		18.9	%		19.0	%		18.1	%		18.2	%		16.7	%		16.8	%		18.4	%		18.1	%		18.4	%		19.6	%
	Dividend payout ratio (A)		26.2	%		27.2	%		25.9	%		26.9	%		26.8	%		28.6	%		26.8	%		27.6	%		27.7	%		25.7	%
	Total debt to capitalization		18.3	%		2.1	%		2.0	%		3.7	%		7.5	%		11.7	%		15.6	%		15.8	%		18.6	%		22.2	%
	Current ratio		1.3			2.0			2.0			2.1			2.0			1.8			1.9			2.0			2.0			2.0
	Times interest earned (C)		16.3	x		126.8	x		93.8	x		42.0	x		27.4	x		17.1	x		18.2	x		13.9	x		12.4	x		10.1	x
	Working capital to sales		8.8	%		18.9	%		19.1	%		20.3	%		18.1	%		15.7	%		17.3	%		19.4	%		19.9	%		20.7	%
	Effective income tax rate		39.0	%		37.0	%		37.5	%		37.5	%		36.0	%		35.5	%		34.5	%		36.0	%		38.0	%		41.8	%
	General
	Capital expenditures	$	123		$	108		$	79		$	63		$	69		$	51		$	64		$	67		$	72		$	57
	Total technical expenditures (D)		53			50			45			44			41			38			37			36			31			28
	Advertising		212			153			149			145			133			119			106			84			84			73
	Repairs and maintenance		38			32			33			30			28			27			25			25			26			25
	Depreciation		76			63			61			55			51			48			44			42			37			32
	Amortization of intangible assets		27			15			13			14			15			12			7			2			2			7
	Shareholders of record		11,933			12,078			12,299			11,837			11,925			12,005			12,012			12,230			12,606			12,327
	Number of employees		20,768			18,458			17,886			17,241			16,947			16,682			16,397			16,726			16,607			15,901
	Sales per employee (000's)	$	199		$	177		$	173		$	171		$	162		$	152		$	138		$	127		$	117		$	113
	Sales per dollar of assets		1.38			1.53			1.58			1.54			1.59			1.58			1.51			1.54			1.55			1.49
	* Includes the net additional expense related to the accrual of postretirement benefits and the adoption of SFAS No. 109.
	(A) Based on income from continuing operations before cumulative effects of changes in accounting methods.
	(B) Based on common shareholders' equity at beginning of year and income from continuing operations before cumulative effects of changes in accounting methods.
(C) Ratio of pre-tax income from continuing operations before cumulative effects of changes in accounting methods and before interest expense to interest expense.
(D) See Note 1, for a description of technical expenditures.
(E) All common share amounts and per share data reflect the effect of the stock split described in Note 17 to the consolidated financial statements.
This summary includes continuing operations only for 1987 and should be read in conjunction with the financial statements and notes of this report.

© Copyright 1998 The Sherwin-Williams Company