Summarized unaudited quarterly financial results for Fiscal 2013 and Fiscal 2012 follows (in thousands, except per share amounts):



Fiscal Quarter 2013 ⁽⁶⁾	First⁽¹⁾			Second⁽²⁾		Third⁽³⁾			Fourth⁽⁴⁾
Net sales	$	838,769		$	945,698	$	1,033,293		$	1,299,137
Gross profit	$	553,166		$	604,122	$	651,040		$	767,107
Net income (loss)	$	(7,203	)	$	11,370	$	(15,644	)	$	66,106
Net income (loss) per diluted share	$	(0.09	)	$	0.14	$	(0.20	)	$	0.85



Fiscal Quarter 2012 ⁽⁶⁾	First			Second		Third		Fourth⁽⁵⁾
Net sales	$	921,218		$	951,407	$	1,169,649	$	1,468,531
Gross profit	$	541,092		$	592,451	$	752,514	$	930,652
Net income (loss)	$	(21,305	)	$	17,051	$	84,036	$	157,229
Net income (loss) per diluted share	$	(0.25	)	$	0.20	$	1.02	$	1.95


⁽¹⁾	The thirteen weeks ended May 4, 2013 included a reduction of pre-tax loss of $2.5 million and an unrelated tax charge of $1.2 million for the correction of errors relating to prior periods. The effect of these corrections decreased net loss by $0.6 million for the thirteen week period ended May 4, 2013.

⁽²⁾

The second quarter of Fiscal 2013 included pre-tax charges of $2.6 million related to the Company's profit improvement initiative. Earnings per diluted share included $0.02 related to the charges. The thirteen week period ended August 3, 2013 included a reduction of pre-tax expense of $4.5 million for the correction of errors related to prior periods; the twenty-six week period ended August 3, 2013 included a reduction of pre-tax expense of $5.5 million and an unrelated tax charge of $1.2 million for the correction of errors related to prior periods. The effect of these corrections increased net income by $2.9 million and $2.5 million for the thirteen and twenty-six week periods ended August 3, 2013.

⁽³⁾

The third quarter of Fiscal 2013 included pre-tax charges of $43.6 million for asset impairment, $44.7 million related to the restructuring of the Gilly Hicks brand and $7.6 million related to the Company's profit improvement initiative. Earnings per diluted share included $0.72 related to the charges. The thirteen week period ended November 2, 2013 included a reduction of pre-tax expense of $2.1 million and an unrelated tax benefit of $1.9 million for the correction of errors related to prior periods; the thirty-nine week period ended November 2, 2013 included a reduction of pre-tax expense of $6.3 million for the correction of errors related to prior periods. The effect of these corrections increased net income by $3.0 million and $4.7 million for the thirteen and thirty-nine week periods ended November 2, 2013.

⁽⁴⁾

The fourth quarter of Fiscal 2013 included pre-tax charges of $3.1 million for asset impairment, $36.8 million related to the restructuring of the Gilly Hicks brand and $3.7 million related to the Company's profit improvement initiative. Earnings per diluted share included $0.38 related to the charges and $0.11 for a tax true-up related to the restructuring, asset impairment and profit improvement charges primarily incurred in the third quarter of Fiscal 2013, for the true-up of the estimated full year tax rate applied as of the third quarter to the full year Fiscal 2013 tax rate. The thirteen week period ended February 1, 2014 included an increase in pre-tax expense of $6.5 million and an unrelated tax charge of $2.2 million for the correction of errors related to prior periods. The effect of these corrections decreased net income by $6.2 million for the thirteen week period ended February 1, 2014; the fifty-two week period ended February 1, 2014 included a reduction of pre-tax expense of $2.6 million and an unrelated tax expense of $0.9 million.

⁽⁵⁾

The fourth quarter of Fiscal 2012 included impairment charges of $7.4 million and $0.06 per diluted share. Tax expense for the fourteen weeks ended February 2, 2013 included $1.1 million to correct for understated tax expense relating to the fourth quarter of 2011. Additionally, the fourth quarter included certain other corrections related to the first three quarters of 2012 that had an insignificant effect on the fourth quarter.


⁽⁶⁾	The Company does not believe these corrections were material to any current or prior interim or annual periods that were affected.