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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jul. 01, 2017
Jun. 25, 2016
Jul. 01, 2017
Jun. 25, 2016
Sales $ 2,363 $ 2,583 $ 5,039 $ 5,459
Cost of goods sold and occupancy costs 1,818 1,970 3,819 4,132
Gross profit 545 613 1,220 1,327
Selling, general and administrative expenses 478 535 1,006 1,125
Asset impairments 1   1  
Merger, restructuring, and other operating (income) expenses, net 20 (193) 40 (154)
Operating income 46 271 173 356
Other income (expense):        
Interest income 6 6 12 11
Interest expense (14) (23) (27) (44)
Other expense, net (3)   (2)  
Income from continuing operations before income taxes 35 254 156 323
Income tax expense 14 22 61 29
Net income from continuing operations 21 232 95 294
Discontinued operations, net of tax 3 (22) 45 (38)
Net income $ 24 $ 210 $ 140 $ 256
Basic earnings (loss) per share        
Continuing operations $ 0.04 $ 0.42 $ 0.18 $ 0.53
Discontinued operations 0.01 (0.04) 0.09 (0.07)
Net earnings per share 0.05 0.38 0.27 0.47
Diluted earnings (loss) per share        
Continuing operations 0.04 0.41 0.18 0.53
Discontinued operations 0.01 (0.04) 0.08 (0.07)
Net diluted earnings per share 0.05 $ 0.38 0.26 $ 0.46
Dividends per common share $ 0.025   $ 0.050