Annual report pursuant to Section 13 and 15(d)

Quarterly Results of Operations (Unaudited)

v3.20.1
Quarterly Results of Operations (Unaudited)
12 Months Ended
Feb. 01, 2020
Quarterly Financial Data [Abstract]  
Quarterly Results of Operations (Unaudited) Quarterly Results of Operations (Unaudited)
 
The following is a summary of our quarterly unaudited consolidated results of operations for 2019 and 2018
2019
 
 
 
 
 
 
 
($ in millions, except EPS)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Total net sales
$
2,439

  
$
2,509

  
$
2,384

  
$
3,384

Credit income and other
116

 
110

 
116

 
109

Total revenues
2,555

 
2,619

 
2,500

 
3,493

Cost of goods sold (exclusive of depreciation and amortization)
1,630

 
1,585

 
1,541

  
2,257

SG&A expenses
856

  
870

  
854

  
1,005

Restructuring and management transition (1)
20

 
7

 
9

 
12

Net income/(loss)
(154
)
 
(48
)
 
(93
)
 
27

Diluted earnings/(loss) per share (2)
$
(0.48
)
 
$
(0.15
)
 
$
(0.29
)
 
$
0.08

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 (3)
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


(1)
Restructuring and management transition charges (Note 18) by quarter for 2019 consisted of the following:
($ in million)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Home office and stores
$
19

 
$
4

 
$
8

 
$
12

Management transition
1

 
3

 
1

 

Total
$
20

 
$
7

 
$
9

 
$
12


 
(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 18) by quarter for 2018 consisted of the following:
($ in millions)
First Quarter
 
Second Quarter
 
Third Quarter
 
Fourth Quarter
Home office and stores
$
7

 
$
2

 
$
2

 
$
2

Management transition

 

 
9

 

Total
$
7

 
$
2

 
$
11

 
$
2