Banana Republic 2006 Annual Report Download - page 53

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
($ in millions except per share amounts, shares in thousands)
53 Weeks Ended
February 3, 2007
52 Weeks Ended
January 28, 2006
52 Weeks Ended
January 29, 2005
Net sales .......................................... $ 15,943 $ 16,023 $ 16,267
Cost of goods sold and occupancy expenses .............. 10,294 10,154 9,886
Gross profit ........................................ 5,649 5,869 6,381
Operating expenses .................................. 4,475 4,124 4,296
Loss on early retirement of debt ........................ — — 105
Interest expense ..................................... 41 45 167
Interest income ..................................... (131) (93) (59)
Earnings before income taxes .......................... 1,264 1,793 1,872
Income taxes ....................................... 486 680 722
Net earnings ....................................... $ 778 $ 1,113 $ 1,150
Weighted average number of shares—basic ............... 831,087 881,058 893,357
Weighted average number of shares—diluted ............. 835,973 902,306 991,122
Earnings per share—basic ............................. $ 0.94 $ 1.26 $ 1.29
Earnings per share—diluted ........................... $ 0.93 $ 1.24 $ 1.21
See Notes to the Consolidated Financial Statements
37