The Gap 2008 Annual Report Download - page 50

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
Fiscal Year
($ and shares in millions except per share amounts) 2008 2007 2006
Netsales ................................................................... $14,526 $15,763 $15,923
Costofgoodssoldandoccupancyexpenses.................................... 9,079 10,071 10,266
Grossprofit ................................................................. 5,447 5,692 5,657
Operating expenses ......................................................... 3,899 4,377 4,432
Operating income ........................................................... 1,548 1,315 1,225
Interestexpense ............................................................ 12641
Interestincome ............................................................. (37) (117) (131)
Earnings from continuing operations before income taxes ...................... 1,584 1,406 1,315
Incometaxes ............................................................... 617 539 506
Earnings from continuing operations, net of income taxes ....................... 967 867 809
Lossfromdiscontinuedoperation,netofincometaxbenefit..................... — (34) (31)
Net earnings ................................................................ $ 967 $ 833 $ 778
Weighted-average number of shares—basic ................................... 716 791 831
Weighted-average number of shares—diluted ................................. 719 794 836
Basic earnings per share:
Earnings from continuing operations, net of income taxes .................. $ 1.35 $ 1.10 $ 0.97
Lossfromdiscontinuedoperation,netofincometaxbenefit ................ — (0.05) (0.03)
Net earnings per share .................................................. $ 1.35 $ 1.05 $ 0.94
Diluted earnings per share:
Earnings from continuing operations, net of income taxes .................. $ 1.34 $ 1.09 $ 0.97
Lossfromdiscontinuedoperation,netofincometaxbenefit ................ — (0.04) (0.04)
Net earnings per share .................................................. $ 1.34 $ 1.05 $ 0.93
Cash dividends declared and paid per share .................................... $ 0.34 $ 0.32 $ 0.32
See Notes to the Consolidated Financial Statements
38 Gap Inc. Form 10-K