Foot Locker 2005 Annual Report Download - page 70

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26 Quarterly Results (Unaudited)
1
st
Q2
nd
Q3
rd
Q4
th
Q Year
(in millions, except per share amounts)
Sales
2005 .............................................. $1,377 1,304 1,408 1,564 5,653
2004 .............................................. 1,186 1,268 1,366 1,535 5,355
Gross margin
(a)
2005 .............................................. $ 418 377 430 484
(c)
1,709
2004 .............................................. 361 369 426 477 1,633
Operating profit
(b)
2005 .............................................. $ 94 71 104 140 409
2004 .............................................. 78 61 117 133 389
Income from continuing operations
2005 .............................................. $ 58 44 65 96 263
2004 .............................................. 47 45 74 89 255
Net income
2005 .............................................. $ 58 44 66 96 264
2004 .............................................. 48 82 74 89 293
Basic earnings per share:
2005
Income from continuing operations ............ $ 0.37 0.29 0.42 0.62 1.70
Income from discontinued operations .......... — — 0.01 — 0.01
Net income ..................................... 0.37 0.29 0.43 0.62 1.71
2004
Income from continuing operations ............ $ 0.33 0.30 0.47 0.58 1.69
Loss from discontinued operations ............. — 0.25 — — 0.25
Net income ..................................... 0.33 0.55 0.47 0.58 1.94
Diluted earnings per share:
2005
Income from continuing operations ............ $ 0.37 0.28 0.41 0.61 1.67
Income from discontinued operations .......... — — 0.01 — 0.01
Net income ..................................... 0.37 0.28 0.42 0.61 1.68
2004
Income from continuing operations ............ $ 0.31 0.29 0.47 0.57 1.64
Loss from discontinued operations ............. — 0.24 — — 0.24
Net income ..................................... 0.31 0.53 0.47 0.57 1.88
(a) Gross margin represents sales less cost of sales. Includes the effects of the reclassification of tenant allowances as deferred credits, which are
amortized as a reduction of rent expense as a component of costs of sales. Costs of sales was reduced by $1 million in each of the first three quarters
of 2004 and by $2 million for the fourth quarter of 2004.
(b) Operating profit represents income from continuing operations before income taxes, interest expense, net and non-operating income.
(c) The fourth quarter of 2005 includes permanent markdowns of $7 million.
54