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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Aug. 04, 2018
Jul. 29, 2017
Aug. 04, 2018
Jul. 29, 2017
REVENUES        
Revenues $ 3,182 $ 4,278 $ 6,073 $ 8,477
COSTS AND EXPENSES        
Cost of sales, buying and occupancy 2,480 3,306 4,766 6,574
Selling and administrative 864 1,123 1,770 2,344
Depreciation and amortization 66 83 133 170
Impairment charges 77 5 91 20
Gain on sales of assets (103) (380) (268) (1,121)
Total costs and expenses 3,384 4,137 6,492 7,987
Operating income (loss) (202) 141 (419) 490
Interest expense (188) (123) (354) (251)
Interest and investment income (loss) 2 (12) 3 (14)
Other loss (139) (246) (172) (292)
Income (loss) before income taxes (527) (240) (942) (67)
Income tax (expense) benefit 19 (10) 10 62
NET LOSS ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS $ (508) $ (250) $ (932) $ (5)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO HOLDINGS' SHAREHOLDERS        
Basic loss per share (in USD per share) $ (4.68) $ (2.33) $ (8.61) $ (0.05)
Diluted loss per share (in USD per share) $ (4.68) $ (2.33) $ (8.61) $ (0.05)
Basic weighted average common shares outstanding (in shares) 108.5 107.3 108.3 107.2
Diluted weighted average common shares outstanding (in shares) 108.5 107.3 108.3 107.2
Merchandise sales        
REVENUES        
Revenues $ 2,428 $ 3,414 $ 4,640 $ 6,743
COSTS AND EXPENSES        
Cost of sales, buying and occupancy [1] 2,055 2,815 3,954 5,594
Services and other        
REVENUES        
Revenues [2],[3] 754 864 1,433 1,734
COSTS AND EXPENSES        
Cost of sales, buying and occupancy [2] $ 425 $ 491 $ 812 $ 980
[1] Includes rent expense (consisting of straight-line rent expense offset by amortization of a deferred gain on sale-leaseback) of $13 million and $19 million for the 13 weeks ended August 4, 2018 and July 29, 2017, respectively, and $27 million and $38 million for the 26 weeks ended August 4, 2018 and July 29, 2017, respectively, pursuant to the master lease with Seritage Growth Properties ("Seritage"). Also includes installment expenses of $9 million and $12 million for the 13 weeks ended August 4, 2018 and July 29, 2017, respectively, and $18 million and $24 million for the 26 weeks ended August 4, 2018 and July 29, 2017, respectively.
[2] Includes merchandise sales to Sears Hometown and Outlet Stores, Inc. ("SHO") of $197 million and $257 million for the 13 weeks ended August 4, 2018 and July 29, 2017, respectively, and $381 million and $511 million for the 26 weeks ended August 4, 2018 and July 29, 2017, respectively. Pursuant to the terms of the separation, merchandise is sold to SHO at cost.
[3] Includes revenue from Lands' End, Inc. ("Lands' End") for retail services and rent for Lands' End Shops at owned Sears locations, participation in the Shop Your Way® program and corporate shared services of $7 million and $12 million for the 13 weeks ended August 4, 2018 and July 29, 2017, respectively, and $16 million and $24 million for the 26 weeks ended August 4, 2018 and July 29, 2017, respectively.