| Quarterly Results of Operations (Unaudited) |
Quarterly Results of Operations (Unaudited) The following is a summary of our quarterly unaudited consolidated results of operations for 2018 and 2017: | | | | | | | | | | | | | | | | | | 2018 | | | | | | | | | ($ in millions, except EPS) | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total net sales | $ | 2,584 |
| | $ | 2,762 |
| | $ | 2,653 |
| | $ | 3,665 |
| | Credit income and other | 87 |
| | 67 |
| | 80 |
| | 121 |
| | Total revenues | 2,671 |
| | 2,829 |
| | 2,733 |
| | 3,786 |
| | Cost of goods sold (exclusive of depreciation and amortization) | 1,712 |
| | 1,831 |
| | 1,808 |
| | 2,519 |
| | SG&A expenses | 826 |
| | 880 |
| | 883 |
| | 1,007 |
| | Restructuring and management transition (1) | 7 |
| | 2 |
| | 11 |
| | 2 |
| | Net income/(loss) | (78 | ) | | (101 | ) | | (151 | ) | | 75 |
|
| Diluted earnings/(loss) per share (2) | $ | (0.25 | ) | | $ | (0.32 | ) | | $ | (0.48 | ) | | $ | 0.24 |
| | 2017 | | | | | | | | | ($ in millions, except EPS) | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | | Total net sales | $ | 2,701 |
| | $ | 2,985 |
| | $ | 2,817 |
| | $ | 4,051 |
| | Credit income and other | 83 |
| | 83 |
| | 69 |
| | 84 |
| | Total revenues | 2,784 |
| | 3,068 |
| | 2,886 |
| | 4,135 |
| | Cost of goods sold (exclusive of depreciation and amortization) | 1,725 |
| | 1,932 |
| | 1,859 |
| | 2,692 |
|
| SG&A expenses | 938 |
| | 935 |
| | 920 |
| | 1,052 |
| | Restructuring and management transition (3) | 100 |
| | 23 |
| | 52 |
| | 9 |
| | Net income/(loss) | (187 | ) | | (48 | ) | | (125 | ) | | 242 |
| | Diluted earnings/(loss) per share (2) | $ | (0.60 | ) | | $ | (0.15 | ) | | $ | (0.40 | ) | | $ | 0.77 |
| |
| | (1) | Restructuring and management transition charges (Note 17) by quarter for 2018 consisted of the following: |
| | | | | | | | | | | | | | | | | ($ in million) | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Home office and stores | $ | 7 |
| | $ | 2 |
| | $ | 2 |
| | $ | 2 |
| Management transition | — |
| | — |
| | 9 |
| | — |
| Total | $ | 7 |
| | $ | 2 |
| | $ | 11 |
| | $ | 2 |
|
| | (2) | 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. |
| | (3) | Restructuring and management transition charges (Note 17) by quarter for 2017 consisted of the following: |
| | | | | | | | | | | | | | | | | ($ in millions) | First Quarter | | Second Quarter | | Third Quarter | | Fourth Quarter | Home office and stores | $ | 98 |
| | $ | 23 |
| | $ | 52 |
| | $ | 3 |
| Other | 2 |
| | — |
| | — |
| | 6 |
| Total | $ | 100 |
| | $ | 23 |
| | $ | 52 |
| | $ | 9 |
|
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