Banana Republic 2015 Annual Report Download - page 44

Download and view the complete annual report

Please find page 44 of the 2015 Banana Republic annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

35
THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2015 2014 2013
Net sales $ 15,797 $ 16,435 $ 16,148
Cost of goods sold and occupancy expenses 10,077 10,146 9,855
Gross profit 5,720 6,289 6,293
Operating expenses 4,196 4,206 4,144
Operating income 1,524 2,083 2,149
Interest expense 59 75 61
Interest income (6) (5) (5)
Income before income taxes 1,471 2,013 2,093
Income taxes 551 751 813
Net income $ 920 $ 1,262 $ 1,280
Weighted-average number of shares—basic 411 435 461
Weighted-average number of shares—diluted 413 440 467
Earnings per share—basic $ 2.24 $ 2.90 $ 2.78
Earnings per share—diluted $ 2.23 $ 2.87 $ 2.74
See Accompanying Notes to Consolidated Financial Statements