Quarterly Results of Operations (Unaudited)
 12 Months Ended
Feb. 02, 2013
Quarterly Results of Operations (Unaudited) [Abstract]  
Quarterly Results of Operations (Unaudited)

21.  Quarterly Results of Operations (Unaudited)

 

The following is a summary of our quarterly unaudited consolidated results of operations for 2012 and 2011: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except EPS)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Total net sales

$
3,152 

  

$
3,022 

  

$
2,927 

  

$
3,884 

  

Gross margin

 
1,186 

(1)

 
1,004 

(2)

 
952 

  

 
924 

 

SG&A expenses

 
1,160 

  

 
1,050 

  

 
1,087 

  

 
1,209 

  

Restructuring and management transition(3)

 
76 

 

 
159 

 

 
34 

 

 
29 

 

Income/(loss) from continuing operations

 
(163)

  

 
(147)

(4)

 
(123)

(5)

 
(552)

(6)

Net income/(loss)

$
(163)

  

$
(147)

  

$
(123)

 

$
(552)

 

Diluted earnings/(loss) per share(7)

$
(0.75)

  

$
(0.67)

  

$
(0.56)

 

$
(2.51)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except EPS)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

 

Total net sales

$
3,943 

  

$
3,906 

  

$
3,986 

  

$
5,425 

  

Gross margin

 
1,595 

  

 
1,497 

  

 
1,489 

  

 
1,637 

(8) 

SG&A expenses

 
1,281 

  

 
1,243 

  

 
1,242 

  

 
1,343 

  

Restructuring and management transition(9)

 
9 

 

 
23 

 

 
265 

 

 
154 

 

Income/(loss) from continuing operations

 
64 

  

 
14 

  

 
(143)

 

 
(87)

(10) 

Net income/(loss)

$
64 

  

$
14 

  

$
(143)

 

$
(87)

 

Diluted earnings/(loss) per share(7)

$
0.28 

  

$
0.07 

  

$
(0.67)

 

$
(0.41)

 

   

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes $53 million of markdowns related to the alignment of inventory with our new strategy.

(2) Includes $102 million of markdowns related to the alignment of inventory with our new strategy.

(3) Restructuring and management transition charges (See Note 16) by quarter for 2012 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in million)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

Supply chain

$
6 

 

$
10 

 

$
3 

 

$

 -

Home office and stores

 
45 

 

 
56 

 

 
4 

 

 
4 

Software and systems

 

 -

 

 
36 

 

 

 -

 

 

 -

Store fixtures

 

 -

 

 
42 

 

 
18 

 

 
18 

Management transition

 
20 

 

 
10 

 

 
6 

 

 
5 

Other

 
5 

 

 
5 

 

 
3 

 

 
2 

Total

$
76 

 

$
159 

 

$
34 

 

$
29 

 

(4) Includes a gain of $200 million related to the redemption of REIT units, net of fees, included in real estate and other, net (see Note 17).

(5) Includes a net gain of $197 million related to the sale of non-operating assets, net of fees, included in real estate and other, net (see Note 17).    

(6) Includes $26 million of store impairments charges and the write-off of $60 million of operating assets that are no longer being used in our operations recorded in real estate and other, net (see Note 17).

(7) EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding.

(8) Includes $207 million of higher markdowns and merchandise re-ticketing costs associated with implementing our new pricing strategy.

(9) Restructuring and management transition charges (See Note 16) by quarter for 2011 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

First Quarter

 

 

Second Quarter

 

 

Third Quarter

 

 

Fourth Quarter

Supply chain

$
3 

 

$
12 

 

$
16 

 

$
10 

Catalog and catalog outlet stores

 
3 

 

 
1 

 

 
30 

 

 

 -

Home office and stores

 
1 

 

 
4 

 

 
12 

 

 
24 

Management transition

 

 -

 

 
2 

 

 
27 

 

 
101 

VERP

 

 -

 

 

 -

 

 
179 

 

 

 -

Other

 
2 

 

 
4 

 

 
1 

 

 
19 

Total

$
9 

 

$
23 

 

$
265 

 

$
154 

 

(10) Includes $58 million of store impairments charges recorded in real estate and other, net (see Note 17).