Sears 2015 Annual Report Download - page 107

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NOTE 19—QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
2015
millions, except per share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,882 $6,211 $5,750 $7,303
Cost of sales, buying and occupancy . . . . . . . . . . . . . . . . . . 4,364 4,776 4,488 5,708
Selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . 1,681 1,694 1,630 1,852
Net income (loss) attributable to Holdings' shareholders. . . (303)208 (454)(580)
Basic net income (loss) per share attributable to Holdings'
shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.85)1.95 (4.26)(5.44)
Diluted net income (loss) per share attributable to
Holdings' shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . (2.85)1.84 (4.26)(5.44)
2014
millions, except per share data
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,879 $8,013 $7,207 $8,099
Cost of sales, buying and occupancy . . . . . . . . . . . . . . . . . . 6,051 6,271 5,606 6,121
Selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . 2,089 2,118 2,011 2,002
Net loss attributable to Holdings' shareholders . . . . . . . . . . (402)(573)(548)(159)
Basic net loss per share attributable to Holdings'
shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.79)(5.39)(5.15)(1.50)
Diluted net loss per share attributable to Holdings'
shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.79)(5.39)(5.15)(1.50)
Per share amounts for each quarter are required to be computed independently and may not equal the amount
computed for the total year.
NOTE 20—GUARANTOR/NON-GUARANTOR SUBSIDIARY FINANCIAL INFORMATION
At January€30, 2016, the principal amount outstanding of the Company’s 6€5/8% senior secured notes due 2018
was $302 million. These notes were issued in 2010 by Sears Holdings Corporation ("Parent"). The Senior Secured
Notes are guaranteed by certain of our 100% owned domestic subsidiaries that own the collateral for the Senior
Secured Notes, as well as by Sears Holdings Management Corporation and SRAC (the "guarantor subsidiaries").
The following condensed consolidated financial information presents the Condensed Consolidating Balance Sheets
at January€30, 2016 and January€31, 2015, and the Condensed Consolidating Statements of Operations, the
Consolidating Statements of Comprehensive Income (Loss) and the Condensed Consolidating Statements of Cash
flows for 2015, 2014 and 2013 of (i)€Parent; (ii)€the guarantor subsidiaries; (iii)€the non-guarantor subsidiaries;
(iv)€eliminations and (v)€the Company on a consolidated basis.
On April 4, 2014, we completed the separation of our Lands' End business through a spin-off transaction. The
following condensed consolidated financial statements had total assets and liabilities of approximately $1.1 billion
and $385 million, respectively, at February 1, 2014, attributable to the Lands' End domestic business. Merchandise
sales and services included revenues of approximately $183 million and $1.3 billion from the Lands' End domestic
business in 2014 and 2013, respectively. Net loss attributable to Holdings' shareholders included net income of
approximately $2 million and $70 million from the Lands' End domestic business in 2014 and 2013, respectively.
The financial information for the domestic portion of Lands' End business is reflected within the guarantor
subsidiaries balances for these periods, while the international portion is reflected within the non-guarantor
subsidiaries balances for these periods.
SEARS HOLDINGS CORPORATION
Notes to Consolidated Financial Statements—(Continued)
107