Banana Republic 2011 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) 2011 2010 2009
Netsales ................................................................... $14,549 $14,664 $14,197
Costofgoodssoldandoccupancyexpenses.................................... 9,275 8,775 8,473
Grossprofit ................................................................. 5,274 5,889 5,724
Operating expenses ......................................................... 3,836 3,921 3,909
Operating income ........................................................... 1,438 1,968 1,815
Interestexpense(reversal) ................................................... 74 (8) 6
Interestincome ............................................................. (5) (6) (7)
Incomebeforeincometaxes.................................................. 1,369 1,982 1,816
Incometaxes ............................................................... 536 778 714
Netincome ................................................................. $ 833 $ 1,204 $ 1,102
Weighted-average number of shares—basic ................................... 529 636 694
Weighted-average number of shares—diluted ................................. 533 641 699
Earnings per share—basic .................................................... $ 1.57 $ 1.89 $ 1.59
Earnings per share—diluted .................................................. $ 1.56 $ 1.88 $ 1.58
Cash dividends declared and paid per share .................................... $ 0.45 $ 0.40 $ 0.34
See Accompanying Notes to Consolidated Financial Statements
39