Macy's 2008 Annual Report Download - page 95

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
of common stock at prices ranging from $40.27 to $44.45 per share and 286,000 shares of restricted stock were
outstanding at February 3, 2007 but were not included in the computation of diluted earnings per share because
their inclusion would have been antidilutive.
20. Quarterly Results (unaudited)
Unaudited quarterly results for the last two years were as follows:
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
(millions, except per share data)
2008:
Net sales ............................................... $5,747 $ 5,718 $ 5,493 $ 7,934
Cost of sales ............................................ (3,527) (3,346) (3,324) (4,812)
Gross margin ........................................... 2,220 2,372 2,169 3,122
Selling, general and administrative expenses .................. (2,103) (2,037) (2,085) (2,256)
Division consolidation costs and store closing related costs ....... (87) (26) (16) (58)
Asset impairment charges ................................. – (50) – (161)
Goodwill impairment charges ..............................–––(5,382)
Net income (loss) ........................................ (59) 73 (44) (4,773)
Basic earnings (loss) per share .............................. (.14) .17 (.10) (11.33)
Diluted earnings (loss) per share ............................ (.14) .17 (.10) (11.33)
2007:
Net sales ............................................... $5,921 $ 5,892 $ 5,906 $ 8,594
Cost of sales ............................................ (3,564) (3,507) (3,585) (5,021)
Gross margin ........................................... 2,357 2,385 2,321 3,573
Selling, general and administrative expenses .................. (2,113) (2,038) (2,121) (2,282)
May integration costs ..................................... (36) (97) (17) (69)
Income from continuing operations .......................... 52 74 33 750
Discontinued operations .................................. (16) – – –
Net income ............................................. 36 74 33 750
Basic earnings per share:
Income from continuing operations ...................... .11 .16 .08 1.74
Net income ......................................... .08 .16 .08 1.74
Diluted earnings per share:
Income from continuing operations ...................... .11 .16 .08 1.73
Net income ......................................... .08 .16 .08 1.73
F-47