The Gap 2013 Annual Report Download - page 60

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36
THE GAP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year
($ and shares in millions except per share amounts) 2013 2012 2011
Net sales $ 16,148 $ 15,651 $ 14,549
Cost of goods sold and occupancy expenses 9,855 9,480 9,275
Gross profit 6,293 6,171 5,274
Operating expenses 4,144 4,229 3,836
Operating income 2,149 1,942 1,438
Interest expense 61 87 74
Interest income (5) (6) (5)
Income before income taxes 2,093 1,861 1,369
Income taxes 813 726 536
Net income $ 1,280 $ 1,135 $ 833
Weighted-average number of shares—basic 461 482 529
Weighted-average number of shares—diluted 467 488 533
Earnings per share—basic $ 2.78 $ 2.35 $ 1.57
Earnings per share—diluted $ 2.74 $ 2.33 $ 1.56
See Accompanying Notes to Consolidated Financial Statements