The Gap 2008 Annual Report Download - page 78

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Note 17. Quarterly Information (Unaudited)
The following quarterly data are derived from our Consolidated Statements of Earnings:
($ in millions except per share amounts)
13 Weeks
Ended
May 3,
2008
13 Weeks
Ended
August 2,
2008
13 Weeks
Ended
November 1,
2008
13 Weeks
Ended
January 31,
2009
52 Weeks
Ended
January 31,
2009
Netsales.............................................. $3,384 $3,499 $3,561 $4,082 $14,526
Grossprofit ........................................... $1,342 $1,338 $1,378 $1,389 $ 5,447
Earnings from continuing operations, net of income
taxes ............................................... $ 249 $ 229 $ 246 $ 243 $ 967
Loss from discontinued operation, net of income tax
benefit ............................................. $— $— $— $— $ —
Net earnings .......................................... $ 249 $ 229 $ 246 $ 243 $ 967
Basic earnings per share (1):
Earnings from continuing operations, net of income
taxes .......................................... $ 0.34 $ 0.32 $ 0.35 $ 0.34 $ 1.35
Loss from discontinued operation, net of income tax
benefit ......................................... $— $— $— $— $ —
Net earnings per share ................................. $ 0.34 $ 0.32 $ 0.35 $ 0.34 $ 1.35
Diluted earnings per share (1):
Earnings from continuing operations, net of income
taxes .......................................... $ 0.34 $ 0.32 $ 0.35 $ 0.34 $ 1.34
Loss from discontinued operation, net of income tax
benefit ......................................... $— $— $— $— $ —
Net earnings per share ................................. $ 0.34 $ 0.32 $ 0.35 $ 0.34 $ 1.34
($ in millions except per share amounts)
13 Weeks
Ended
May 5,
2007
13 Weeks
Ended
August 4,
2007 (2)
13 Weeks
Ended
November 3,
2007
13 Weeks
Ended
February 2,
2008
52 Weeks
Ended
February 2,
2008
Netsales.............................................. $3,549 $3,685 $3,854 $4,675 $15,763
Grossprofit ........................................... $1,355 $1,264 $1,447 $1,626 $ 5,692
Earnings from continuing operations, net of income
taxes ............................................... $ 205 $ 158 $ 239 $ 265 $ 867
Loss from discontinued operation, net of income tax
benefit ............................................. $ (27) $ (6) $ (1) $ — $ (34)
Net earnings .......................................... $ 178 $ 152 $ 238 $ 265 $ 833
Basic earnings per share (1):
Earnings from continuing operations, net of income
taxes .......................................... $ 0.25 $ 0.19 $ 0.30 $ 0.36 $ 1.10
Loss from discontinued operation, net of income tax
benefit ......................................... $ (0.03) $ — $ — $ — $ (0.05)
Net earnings per share ................................. $ 0.22 $ 0.19 $ 0.30 $ 0.36 $ 1.05
Diluted earnings per share (1):
Earnings from continuing operations, net of income
taxes .......................................... $ 0.25 $ 0.19 $ 0.30 $ 0.35 $ 1.09
Loss from discontinued operation, net of income tax
benefit ......................................... $ (0.03) $ — $ — $ — $ (0.04)
Net earnings per share ................................. $ 0.22 $ 0.19 $ 0.30 $ 0.35 $ 1.05
(1) Earnings per share were computed individually for each of the periods presented; therefore, the sum of the earnings per share amounts
for the quarters may not equal the total for the year.
(2) During the second quarter of fiscal 2007, we recognized $20 million of expenses, the majority of which was severance payments, as a
result of our cost reduction initiatives.
66 Gap Inc. Form 10-K