Quarterly Results (Unaudited) (Tables)

12 Months Ended

Jan. 30, 2021

Quarterly Results (Unaudited) [Abstract]

Quarterly Results (Unaudited)

($ in millions)	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter	Fiscal Year
Sales
2020	1,176	2,077	2,106	2,189	$	7,548
2019	2,078	1,774	1,932	2,221	$	8,005
Gross margin (1)
2020	271	538	650	724	$	2,183
2019	689	534	620	700	$	2,543
Operating profit (2)
2020	(105)	69	178	161	$	303
2019	228	81	164	176	$	649
Net income (3), (4)
2020	(110)	45	265	123	$	323
2019	172	60	125	134	$	491
Basic earnings per share (5)
2020	(1.06)	0.43	2.54	1.18	$	3.10
2019	1.53	0.55	1.16	1.28	$	4.52
Diluted earnings per share (5)
2020	(1.06)	0.43	2.52	1.17	$	3.08
2019	1.52	0.55	1.16	1.27	$	4.50

(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) During the first and fourth quarters of 2020, we recorded impairment charges totaling $15 million and $66 million, respectively. During the fourth quarter of 2019, we recorded impairment charges of $48 million. See Note 3, Impairment and Other Charges for additional information.

(4) During the third quarter of 2020, we recorded a benefit of $190 million from one of our minority investments. See Note 4, Other Income for further information.

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