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Quarterly Results (Unaudited) (Tables)

12 Months Ended

Feb. 01, 2020

Quarterly Results (Unaudited) [Abstract]


	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter	Fiscal Year

Sales
2019	2,078	1,774	1,932	2,221	$	8,005
2018	2,025	1,782	1,860	2,272	$	7,939
Gross margin ⁽¹⁾
2019	689	534	620	700	$	2,543
2018	666	539	588	735	$	2,528
Operating profit ⁽²⁾
2019	228	81	164	176	$	649
2018	224	112	144	219	$	699
Net income ^{(3), (4), (5)}
2019	172	60	125	134	$	491
2018	165	88	130	158	$	541
Basic earnings per share ⁽⁶⁾
2019	1.53	0.55	1.16	1.28	$	4.52
2018	1.39	0.76	1.14	1.40	$	4.68
Diluted earnings per share ⁽⁶⁾
2019	1.52	0.55	1.16	1.27	$	4.50
2018	1.38	0.75	1.14	1.39	$	4.66

(1)

Gross margin represents sales less cost of sales. Cost of sales includes: the cost of merchandise, freight, distribution costs including related depreciation expense, shipping and handling, occupancy and buyers’ compensation. Occupancy costs include rent (including fixed common area maintenance charges and other fixed non-lease components), real estate taxes, general maintenance, and utilities.

(2)	Operating profit represents income before income taxes, net interest income and non-operating income.

(3)	In connection with the pension plan reformation, we recorded charges of $1 million during each quarter of 2019. Related to the same matter, in 2018 we recorded charges of $12 million, $3 million, $2 million, and $1 million during the first, second, third, and fourth quarters of 2018, respectively.

(4)

During the fourth quarters of 2019 and 2018, we recorded impairment charges totaling $48 million and $19 million, respectively. In the second quarter of 2019, we recorded lease termination costs of $13 million related to the closing of SIX:02 locations. See Note 3, Impairment and Other Charges for additional information.

(5)	During second, third, and fourth quarters 2018, we recorded benefits of $1 million, $23 million, and $4 million, respectively, from the completion of the accounting for the Tax Act. See Note 17, Income Taxes for further information.

(6)	Quarterly income per share amounts may not total to the annual amount due to changes in weighted-average shares outstanding during the year.