Banana Republic 2005 Annual Report Download - page 39

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G A P I N C . F I N A N C I A L S 2 0 0 5
gap inc. 2005 annual report 37
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions except per share amounts, 52 Weeks Ended 52 Weeks Ended 52 Weeks Ended
shares in thousands) January 28, 2006 January 29, 2005 January 31, 2004
Net sales $ 16,023 $ 16,267 $ 15,854
Cost of goods sold and occupancy expenses 10,154 9,886 9,885
Gross profit 5,869 6,381 5,969
Operating expenses 4,124 4,296 4,068
Loss on early retirement of debt - 105 21
Interest expense 45 167 234
Interest income (93) (59) (38)
Earnings before income taxes 1,793 1,872 1,684
Income taxes 680 722 653
Net earnings $ 1,113 $ 1,150 $ 1,031
Weighted average number of shares - basic 881,058 893,357 892,555
Weighted average number of shares - diluted 902,306 991,122 988,178
Earnings per share–basic $ 1.26 $ 1.29 $ 1.15
Earnings per share–diluted 1.24 1.21 1.09
See Notes to the Consolidated Financial Statements