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Consolidated Statements of Operations - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 30, 2023
Jul. 31, 2022
Jul. 30, 2023
Jul. 31, 2022
Total revenue [1] $ 2,207.0 $ 2,132.0 $ 4,364.9 $ 4,254.7
Cost of goods sold (exclusive of depreciation and amortization) 934.7 912.5 1,842.3 1,796.5
Gross profit 1,272.3 1,219.5 2,522.6 2,458.2
Selling, general and administrative expenses 1,138.5 1,070.4 2,202.5 2,109.8
Non-service related pension and postretirement income 0.3 3.2 0.9 6.8
Equity in net income of unconsolidated affiliates 9.2 24.7 21.1 32.1
Income before interest and taxes [3] 143.3 [2] 177.0 342.1 [2] 387.3
Interest expense 25.9 21.8 51.2 44.8
Interest income 2.3 1.5 5.6 2.7
Income before taxes 119.7 156.7 296.5 345.2
Income tax expense 25.5 41.4 66.3 96.8
Net income $ 94.2 $ 115.3 $ 230.2 $ 248.4
Basic net income per common share $ 1.52 $ 1.73 $ 3.69 $ 3.69
Diluted net income per common share $ 1.50 $ 1.72 $ 3.65 $ 3.66
Net sales        
Total revenue $ 2,105.2 $ 2,031.1 $ 4,156.3 $ 4,037.7
Royalty revenue        
Total revenue 80.1 78.3 164.8 168.3
Advertising and other revenue        
Total revenue $ 21.7 $ 22.6 $ 43.8 $ 48.7
[1] Revenue was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.
[2] Income (loss) before interest and taxes for the thirteen and twenty-six weeks ended July 30, 2023 included costs of $39.0 million incurred related to the 2022 cost savings initiative described in Note 14, “Exit Activity Costs,” consisting principally of severance. Such costs were included in the Company’s segments as follows: $6.4 million in Tommy Hilfiger North America, $12.3 million in Tommy Hilfiger International, $5.9 million in Calvin Klein North America, $8.5 million in Calvin Klein International, $4.6 million in Heritage Brands Wholesale and $1.3 in corporate expenses not allocated to any reportable segments. Please see Note 14, “Exit Activity Costs,” for further discussion.
[3] Income (loss) before interest and taxes was impacted by fluctuations of the United States dollar against foreign currencies in which the Company transacts significant levels of business.