QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Feb. 02, 2014

QUARTERLY FINANCIAL DATA (UNAUDITED)

QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE 16—QUARTERLY FINANCIAL DATA (UNAUDITED)

        The following is a summary of the quarterly consolidated results of operations for the fiscal years ended February 2, 2014 and February 3, 2013 (amounts in millions):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			TOTAL
Fiscal Year 2013
Net sales	$	2,048		$	2,237		$	2,273		$	1,929		$	8,487
Gross profit		593			657			662			560			2,472
Income (loss) from continuing operations		(130	)		(71	)		51			(59	)		(209	)
Income (loss) from discontinued operations		(1	)		(1	)		—			(7	)		(9	)
Net income (loss)		(131	)		(72	)		51			(66	)		(218	)
Basic earnings (loss) per share(1)
Income (loss) from continuing operations	$	(1.00	)	$	(0.46	)	$	0.27		$	(0.31	)	$	(1.25	)
Income (loss) from discontinued operations		(0.01	)		(0.01	)		—			(0.04	)		(0.05	)
Net income (loss)		(1.00	)		(0.47	)		0.27			(0.34	)		(1.31	)
Diluted earnings (loss) per share(1)
Income (loss) from continuing operations	$	(1.00	)	$	(0.46	)	$	0.26		$	(0.31	)	$	(1.25	)
Income (loss) from discontinued operations		(0.01	)		(0.01	)		—			(0.04	)		(0.05	)
Net income (loss)		(1.00	)		(0.47	)		0.26			(0.34	)		(1.31	)
Fiscal Year 2012
Net sales	$	1,813		$	2,036		$	2,120		$	1,974		$	7,943
Gross profit		517			590			610			582			2,299
Income (loss) from continuing operations		(375	)		(57	)		(52	)		(713	)		(1,197	)
Income (loss) from discontinued operations		15			1			2			—			18
Net income (loss)		(360	)		(56	)		(50	)		(713	)		(1,179	)
Basic earnings (loss) per share(1)
Income (loss) from continuing operations	$	(2.87	)	$	(0.44	)	$	(0.40	)	$	(5.46	)	$	(9.17	)
Income (loss) from discontinued operations		0.11			0.01			0.02			—			0.14
Net income (loss)		(2.76	)		(0.43	)		(0.38	)		(5.46	)		(9.03	)
Diluted earnings (loss) per share(1)
Income (loss) from continuing operations	$	(2.87	)	$	(0.44	)	$	(0.40	)	$	(5.46	)	$	(9.17	)
Income (loss) from discontinued operations		0.11			0.01			0.02			—			0.14
Net income (loss)		(2.76	)		(0.43	)		(0.38	)		(5.46	)		(9.03	)

(1)

Basic and Diluted earnings (loss) per share are based on shares outstanding for Holdings. Quarterly earnings per share amounts may not foot due to rounding. In addition, quarterly earnings per share amounts may not add to full-year earnings per share amounts due to the difference in weighted-average common shares for the quarters versus the weighted-average common shares for the year.

        Loss from continuing operations and Net income (loss) in the first quarter of fiscal 2013 includes a loss on extinguishment and modification of debt of $41 million. Loss from continuing operations and Net income (loss) in the second quarter of fiscal 2013 includes a loss on extinguishment and modification of debt of $46 million.

        Loss from continuing operations and Net income (loss) in the first quarter of fiscal 2012 includes a loss on extinguishment of debt of $220 million. Loss from continuing operations and Net income (loss) in the fourth quarter of fiscal 2012 includes a loss on extinguishment of debt of $489 million and goodwill and other intangible asset impairment charges of $152 million, or $113 million net of tax.

        There is no tax impact related to the losses on extinguishment of debt due to the Company's valuation allowance position. See Note 8, Income Taxes, for further information on the Company's taxes.