The Gap 2010 Annual Report Download - page 44

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THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2010 2009 2008
Netsales ................................................................... $14,664 $14,197 $14,526
Costofgoodssoldandoccupancyexpenses.................................... 8,775 8,473 9,079
Grossprofit ................................................................. 5,889 5,724 5,447
Operating expenses ......................................................... 3,921 3,909 3,899
Operating income ........................................................... 1,968 1,815 1,548
Interestexpense(reversal) ................................................... (8) 6 1
Interestincome ............................................................. (6) (7) (37)
Incomebeforeincometaxes.................................................. 1,982 1,816 1,584
Incometaxes ............................................................... 778 714 617
Netincome ................................................................. $ 1,204 $ 1,102 $ 967
Weighted-average number of shares—basic ................................... 636 694 716
Weighted-average number of shares—diluted ................................. 641 699 719
Earnings per share—basic .................................................... $ 1.89 $ 1.59 $ 1.35
Earnings per share—diluted .................................................. $ 1.88 $ 1.58 $ 1.34
Cash dividends declared and paid per share .................................... $ 0.40 $ 0.34 $ 0.34
See Accompanying Notes to Consolidated Financial Statements
37