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Quarterly Information
 12 Months Ended
Feb. 01, 2020
Quarterly Financial Data [Abstract]  
Quarterly Financial Information [Text Block] Quarterly Information (Unaudited)
Selected quarterly and annual operating results are as follows:
 
 
13 Weeks Ended (2)
 
13 Weeks Ended (3)
 
13 Weeks Ended (4)
 
13 Weeks Ended (5)
 
52 Weeks 
Ended (6)
($ in millions except per share amounts)
 
May 4,
2019
 
August 3,
2019
 
November 2,
2019
 
February 1,
2020
 
February 1, 2020
(fiscal 2019)
Net sales
 
$
3,706

 
$
4,005

 
$
3,998

 
$
4,674

 
$
16,383

Gross profit
 
$
1,344

 
$
1,556

 
$
1,559

 
$
1,674

 
$
6,133

Net income (loss)
 
$
227

 
$
168

 
$
140

 
$
(184
)
 
$
351

Earnings (loss) per share—basic (1)
 
$
0.60

 
$
0.44

 
$
0.37

 
$
(0.49
)
 
$
0.93

Earnings (loss) per share—diluted (1)
 
$
0.60

 
$
0.44

 
$
0.37

 
$
(0.49
)
 
$
0.93

 
 
 
 
 
 
 
 
 
 
 
 
 
13 Weeks Ended
 
13 Weeks Ended
 
13 Weeks Ended
 
13 Weeks Ended
 
52 Weeks Ended
($ in millions except per share amounts)
 
May 5,
2018
 
August 4,
2018
 
November 3,
2018
 
February 2,
2019
 
February 2, 2019
(fiscal 2018)
Net sales
 
$
3,783

 
$
4,085

 
$
4,089

 
$
4,623

 
$
16,580

Gross profit
 
$
1,427

 
$
1,627

 
$
1,623

 
$
1,645

 
$
6,322

Net income
 
$
164

 
$
297

 
$
266

 
$
276

 
$
1,003

Earnings per share—basic (1)
 
$
0.42

 
$
0.77

 
$
0.69

 
$
0.72

 
$
2.61

Earnings per share—diluted (1)
 
$
0.42

 
$
0.76

 
$
0.69

 
$
0.72

 
$
2.59


__________
(1)
Earnings per share ("EPS") was computed individually for each of the periods presented; therefore, the sum of the EPS for the quarters may not equal the total for the year.
(2)
During the first quarter of fiscal 2019, there was a pre-tax gain of $191 million related to the sale of a building, which was recorded as a reduction to operating expenses and benefited diluted EPS by $0.37.
(3)
During the second quarter of fiscal 2019, the Company incurred $38 million of separation-related costs and $14 million for specialty fleet restructuring costs, both on a pre-tax basis, all of which was recorded in operating expenses. The impact of the separation-related and restructuring costs to diluted EPS was $0.08 and $0.03, respectively. Additionally, during the second quarter of fiscal 2019, there was an additional $30 million of tax expense related to an adjustment to our fiscal 2017 tax liability for additional guidance issued by the U.S. Treasury Department regarding the TCJA. The impact of the tax adjustment to diluted EPS was $0.08.
(4)
During the third quarter of fiscal 2019, the Company incurred $70 million for separation-related costs and $8 million for specialty fleet restructuring costs, both on a pre-tax basis, substantially all of which was recorded in operating expenses. The impact of the separation-related and restructuring costs to diluted EPS was $0.14 and $0.02, respectively.
(5)
During the fourth quarter of fiscal 2019, the Company incurred $296 million for impairment charges related to flagship stores, $189 million for separation-related costs including costs for the cancellation of our separation, and $38 million for specialty fleet restructuring costs, all on a pre-tax basis. Substantially all of the flagship impairment charges and separation-related costs were recorded in operating expenses and $17 million for specialty fleet restructuring costs was recorded in operating expenses. The impact of the impairment charges, separation-related costs, and restructuring costs to diluted EPS was $0.59, $0.38, and $0.10, respectively.
(6)
In total, during fiscal year 2019, the Company incurred $301 million of separation-related costs including costs for the cancellation of our separation, $296 million of flagship impairment charges, and $61 million of specialty fleet restructuring costs, all on a pre-tax basis. There was also a $191 million pre-tax gain on the sale of a building during fiscal 2019. Additionally, there was a $30 million unfavorable impact to net income related to an adjustment to our fiscal 2017 tax liability for additional guidance issued by the U.S. Treasury Department regarding the TCJA. The total fiscal year 2019 net impact to diluted EPS was $1.04 for these items.