Quarterly Results (unaudited)

12 Months Ended

Jan. 30, 2021

16.

Quarterly Results (unaudited)

Unaudited quarterly results for the last two years were as follows:

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(millions, except per share data)
2020:
Net sales	$	3,017		$	3,559		$	3,990		$	6,780
Credit card revenues, net		131			168			195			258
Cost of sales		(2,501	)		(2,718	)		(2,569	)		(4,498	)
Selling, general and administrative expenses		(1,598	)		(1,398	)		(1,726	)		(2,045	)
Gains on sale of real estate		16			—			3			40
Restructuring, impairment, store closing and other costs		(3,184	)		(242	)		(20	)		(134	)
Benefit plan income, net		9			12			16			17
Settlement charges		—			(38	)		(26	)		(19	)
Net income (loss)		(3,581	)		(431	)		(91	)		160
Basic earnings (loss) per share		(11.53	)		(1.39	)		(0.29	)		0.51
Diluted earnings (loss) per share		(11.53	)		(1.39	)		(0.29	)		0.50
2019:
Net sales	$	5,504		$	5,546		$	5,173		$	8,337
Credit card revenues, net		172			176			183			239
Cost of sales		(3,403	)		(3,395	)		(3,106	)		(5,266	)
Selling, general and administrative expenses		(2,112	)		(2,177	)		(2,202	)		(2,509	)
Gains on sale of real estate		43			7			17			95
Restructuring, impairment, store closing and other costs		(1	)		(2	)		(13	)		(337	)
Benefit plan income, net		7			8			8			8
Settlement charges		—			—			(12	)		(46	)
Net income		136			86			2			340
Basic earnings per share		0.44			0.28			0.01			1.10
Diluted earnings per share		0.44			0.28			0.01			1.09

Note:

Annual results may not equal the sum of the quarterly results for the respective periods due to rounding conventions.