Banana Republic 2014 Annual Report Download - page 47

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35
THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2014 2013 2012
Net sales $ 16,435 $ 16,148 $ 15,651
Cost of goods sold and occupancy expenses 10,146 9,855 9,480
Gross profit 6,289 6,293 6,171
Operating expenses 4,206 4,144 4,229
Operating income 2,083 2,149 1,942
Interest expense 75 61 87
Interest income (5) (5) (6)
Income before income taxes 2,013 2,093 1,861
Income taxes 751 813 726
Net income $ 1,262 $ 1,280 $ 1,135
Weighted-average number of shares—basic 435 461 482
Weighted-average number of shares—diluted 440 467 488
Earnings per share—basic $ 2.90 $ 2.78 $ 2.35
Earnings per share—diluted $ 2.87 $ 2.74 $ 2.33
See Accompanying Notes to Consolidated Financial Statements