Banana Republic 2009 Annual Report Download - page 53

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2009 2008 2007
Netsales ................................................................... $14,197 $14,526 $15,763
Costofgoodssoldandoccupancyexpenses.................................... 8,473 9,079 10,071
Grossprofit ................................................................. 5,724 5,447 5,692
Operating expenses ......................................................... 3,909 3,899 4,377
Operating income ........................................................... 1,815 1,548 1,315
Interestexpense ............................................................ 6126
Interestincome ............................................................. (7) (37) (117)
Incomefromcontinuingoperationsbeforeincometaxes........................ 1,816 1,584 1,406
Incometaxes ............................................................... 714 617 539
Incomefromcontinuingoperations,netofincometaxes ........................ 1,102 967 867
Lossfromdiscontinuedoperation,netofincometaxbenefit..................... — — (34)
Netincome ................................................................. $ 1,102 $ 967 $ 833
Weighted-average number of shares—basic ................................... 694 716 791
Weighted-average number of shares—diluted ................................. 699 719 794
Earnings (loss) per share—basic
Incomefromcontinuingoperations,netofincometaxes ................... $ 1.59 $ 1.35 $ 1.10
Lossfromdiscontinuedoperation,netofincometaxbenefit ................ — — (0.05)
Earnings per share ...................................................... $ 1.59 $ 1.35 $ 1.05
Earnings (loss) per share—diluted
Incomefromcontinuingoperations,netofincometaxes ................... $ 1.58 $ 1.34 $ 1.09
Lossfromdiscontinuedoperation,netofincometaxbenefit ................ — — (0.04)
Earnings per share ...................................................... $ 1.58 $ 1.34 $ 1.05
Cash dividends declared and paid per share .................................... $ 0.34 $ 0.34 $ 0.32
See Accompanying Notes to Consolidated Financial Statements
37