Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited) (Tables)

v3.6.0.2
Quarterly Results of Operations (Unaudited) (Tables)
12 Months Ended
Jan. 28, 2017
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Results of Operations (Unaudited)
The following is a summary of our quarterly unaudited consolidated results of operations for 2016 and 2015
2016
 
 
 
 
 
 
 
 
($ in millions, except EPS)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Total net sales
$
2,811

  
$
2,918

  
$
2,857

  
$
3,961

  
Gross margin
1,018

 
1,084

 
1,062

  
1,312

 
SG&A expenses
872

  
853

  
888

  
925

  
Restructuring and management transition(1)
6

 
9

 
2

 
9

 
Net income/(loss)(2)
(68
)
 
(56
)
 
(67
)
 
192


Diluted earnings/(loss) per share(3)
$
(0.22
)
 
$
(0.18
)
 
$
(0.22
)
 
$
0.61

 
2015
 
 
 
 
 
 
 
 
($ in millions, except EPS)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
 
Total net sales
$
2,857

  
$
2,875

  
$
2,897

  
$
3,996

 
Gross margin
1,041

 
1,065

 
1,082

  
1,363


SG&A expenses
965

  
901

  
947

  
962

  
Restructuring and management transition(4)
22

 
17

 
14

 
31

 
Net income/(loss)(5)
(150
)
 
(117
)
 
(115
)
 
(131
)
 
Diluted earnings/(loss) per share(3)
$
(0.49
)
 
$
(0.38
)
 
$
(0.38
)
 
$
(0.43
)
 

(1)
Restructuring and management transition charges (Note 16) by quarter for 2016 consisted of the following:
($ in million)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Home office and stores
$
4

 
$

 
$
2

 
$
2

Management transition
2

 
1

 

 

Other

 
8

 

 
7

Total
$
6

 
$
9

 
$
2

 
$
9


 
(2)
The first, second and third quarters of 2016 contained increases of $13 million, $19 million and $30 million, respectively, and the fourth quarter contained a decrease of $94 million to our tax valuation allowance. The first quarter of 2016 contained gains from non-operating assets sales (Note 17) of $5 million.
(3)
EPS is computed independently for each of the quarters presented. The sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding.
(4)
Restructuring and management transition charges (Note 16) by quarter for 2015 consisted of the following:
($ in millions)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Home office and stores
$
14

 
$
15

 
$
9

 
$
4

Management transition
6

 
1

 
3

 
18

Other
2

 
1

 
2

 
9

Total
$
22

 
$
17

 
$
14

 
$
31



(5)
The first, second, third and fourth quarters of 2015 contained increases to our tax valuation allowance of $44 million, $46 million, $41 million, and $110 million, respectively. The first, second and third quarters of 2015 contained gains from non-operating assets sales (Note 17) of $2 million, $6 million and $1 million, respectively.