Banana Republic 2012 Annual Report Download - page 51

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33
THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2012 2011 2010
Net sales $ 15,651 $ 14,549 $ 14,664
Cost of goods sold and occupancy expenses 9,480 9,275 8,775
Gross profit 6,171 5,274 5,889
Operating expenses 4,229 3,836 3,921
Operating income 1,942 1,438 1,968
Interest expense (reversal) 87 74 (8)
Interest income (6) (5) (6)
Income before income taxes 1,861 1,369 1,982
Income taxes 726 536 778
Net income $ 1,135 $ 833 $ 1,204
Weighted-average number of shares—basic 482 529 636
Weighted-average number of shares—diluted 488 533 641
Earnings per share—basic $ 2.35 $ 1.57 $ 1.89
Earnings per share—diluted $ 2.33 $ 1.56 $ 1.88
Cash dividends declared and paid per share $ 0.50 $ 0.45 $ 0.40
See Accompanying Notes to Consolidated Financial Statements
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