Schedule of Net Sales by Line of Business |
The following table summarizes net sales by line of business for the quarters ended May 5, 2018 and April 29, 2017:
(Dollars in Millions) |
May 5, 2018 |
April 29, 2017 |
Women's |
$ |
1,255 |
|
$ |
1,224 |
|
Men's |
|
790 |
|
|
754 |
|
Home |
|
691 |
|
|
641 |
|
Children's |
|
454 |
|
|
471 |
|
Footwear |
|
426 |
|
|
399 |
|
Accessories |
|
337 |
|
|
326 |
|
Net Sales |
$ |
3,953 |
|
$ |
3,815 |
|
|
Schedule of Impact of Adoption of the New Standard by Income Statement Line Item |
The following tables summarize the impact of adoption of the new standard by financial statement line item:
Three Months Ended April 29, 2017
(Dollars in Millions, Except per Share Data) |
As Previously Reported |
New Standard Adjustment |
Adjusted |
Net sales |
$ |
3,843 |
|
$ |
(28) |
|
$ |
3,815 |
|
Other revenue |
|
|
|
|
250 |
|
|
250 |
|
Total revenue |
|
|
|
|
222 |
|
|
4,065 |
|
Cost of merchandise sold |
|
2,445 |
|
|
(17) |
|
|
2,428 |
|
Gross margin |
|
1,398 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
975 |
|
|
239 |
|
|
1,214 |
|
Depreciation and amortization |
|
238 |
|
|
- |
|
|
238 |
|
Operating income |
|
185 |
|
|
- |
|
|
185 |
|
Interest expense, net |
|
76 |
|
|
- |
|
|
76 |
|
Income before income taxes |
|
109 |
|
|
- |
|
|
109 |
|
Provision for income taxes |
|
43 |
|
|
- |
|
|
43 |
|
Net income |
$ |
66 |
|
$ |
- |
|
$ |
66 |
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.39 |
|
$ |
- |
|
$ |
0.39 |
|
Diluted |
$ |
0.39 |
|
$ |
- |
|
$ |
0.39 |
|
|
Schedule of Impact of Adoption of the New Standard by Balance Sheet Line Item |
April 29, 2017
(Dollars in Millions) |
As Previously Reported |
|
New Standard Adjustment |
Adjusted |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
625 |
|
$ |
- |
|
$ |
625 |
|
Merchandise inventories |
|
3,991 |
|
|
- |
|
|
3,991 |
|
Other |
|
328 |
|
|
50 |
|
|
378 |
|
Total current assets |
|
4,944 |
|
|
50 |
|
|
4,994 |
|
Property and equipment, net |
|
8,069 |
|
|
- |
|
|
8,069 |
|
Other assets |
|
231 |
|
|
- |
|
|
231 |
|
Total assets |
$ |
13,244 |
|
$ |
50 |
|
$ |
13,294 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
1,480 |
|
$ |
- |
|
$ |
1,480 |
|
Accrued liabilities |
|
1,088 |
|
|
59 |
|
|
1,147 |
|
Income taxes payable |
|
137 |
|
|
- |
|
|
137 |
|
Current portion of capital lease and financing obligations |
|
134 |
|
|
- |
|
|
134 |
|
Total current liabilities |
|
2,839 |
|
|
59 |
|
|
2,898 |
|
Long-term debt |
|
2,795 |
|
|
- |
|
|
2,795 |
|
Capital lease and financing obligations |
|
1,657 |
|
|
- |
|
|
1,657 |
|
Deferred income taxes |
|
285 |
|
|
(2 |
) |
|
283 |
|
Other long-term liabilities |
|
674 |
|
|
- |
|
|
674 |
|
Total shareholders’ equity |
|
4,994 |
|
|
(7 |
) |
|
4,987 |
|
Total liabilities and shareholders’ equity |
$ |
13,244 |
|
$ |
50 |
|
$ |
13,294 |
|
February 3, 2018
(Dollars in Millions) |
As Previously Reported |
New Standard Adjustment |
Adjusted |
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
1,308 |
|
$ |
- |
|
$ |
1,308 |
|
Merchandise inventories |
|
3,542 |
|
|
- |
|
|
3,542 |
|
Other |
|
481 |
|
|
49 |
|
|
530 |
|
Total current assets |
|
5,331 |
|
|
49 |
|
|
5,380 |
|
Property and equipment, net |
|
7,773 |
|
|
- |
|
|
7,773 |
|
Other assets |
|
236 |
|
|
- |
|
|
236 |
|
Total assets |
$ |
13,340 |
|
$ |
49 |
|
$ |
13,389 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
$ |
1,271 |
|
$ |
- |
|
$ |
1,271 |
|
Accrued liabilities |
|
1,155 |
|
|
58 |
|
|
1,213 |
|
Income taxes payable |
|
99 |
|
|
- |
|
|
99 |
|
Current portion of capital lease and financing obligations |
|
126 |
|
|
- |
|
|
126 |
|
Total current liabilities |
|
2,651 |
|
|
58 |
|
|
2,709 |
|
Long-term debt |
|
2,797 |
|
|
- |
|
|
2,797 |
|
Capital lease and financing obligations |
|
1,591 |
|
|
- |
|
|
1,591 |
|
Deferred income taxes |
|
213 |
|
|
(2 |
) |
|
211 |
|
Other long-term liabilities |
|
662 |
|
|
- |
|
|
662 |
|
Total shareholders’ equity |
|
5,426 |
|
|
(7 |
) |
|
5,419 |
|
Total liabilities and shareholders’ equity |
$ |
13,340 |
|
$ |
49 |
|
$ |
13,389 |
|
|