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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Jan. 31, 2016
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 January 31, 2016 and February 1, 2015 (amounts in millions):

                                                                                                                                                                                    

 

 

First
Quarter

 

Second
Quarter

 

Third
Quarter

 

Fourth
Quarter

 

TOTAL

 

Fiscal Year 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$
1,722

 

$
2,006

 

$
2,012

 

$
1,648

 

$
7,388

 

Gross profit

 

 
574

 

 
665

 

 
666

 

 
551

 

 
2,456

 

Income (loss) from continuing operations

 

 
232

 

 
102

 

 
15

 

 
977

 

 
1,326

 

Income (loss) from discontinued operations

 

 
10

 

 
7

 

 
235

 

 
(106

)

 
146

 

Net income (loss)

 

 
242

 

 
109

 

 
250

 

 
871

 

 
1,472

 

Basic earnings (loss) per share(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$
1.19

 

$
0.52

 

$
0.08

 

$
4.93

 

$
6.73

 

Income (loss) from discontinued operations          

 

 
0.05

 

 
0.04

 

 
1.19

 

 
(0.53

)

 
0.74

 

Net income (loss)

 

 
1.24

 

 
0.55

 

 
1.27

 

 
4.39

 

 
7.47

 

Diluted earnings (loss) per share(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$
1.16

 

$
0.51

 

$
0.07

 

$
4.86

 

$
6.59

 

Income (loss) from discontinued operations          

 

 
0.05

 

 
0.03

 

 
1.17

 

 
(0.53

)

 
0.73

 

Net income (loss)

 

 
1.21

 

 
0.54

 

 
1.24

 

 
4.33

 

 
7.31

 

Fiscal Year 2014

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Net sales

 

$
1,633

 

$
1,880

 

$
1,914

 

$
1,543

 

$
6,970

 

Gross profit

 

 
531

 

 
611

 

 
615

 

 
507

 

 
2,264

 

Income (loss) from continuing operations

 

 
(11

)

 
31

 

 
40

 

 
(102

)

 
(42

)

Income (loss) from discontinued operations

 

 
(1

)

 
17

 

 
20

 

 
9

 

 
45

 

Net income (loss)

 

 
(12

)

 
48

 

 
60

 

 
(93

)

 
3

 

Basic earnings (loss) per share(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$
(0.06

)

$
0.16

 

$
0.21

 

$
(0.52

)

$
(0.22

)

Income (loss) from discontinued operations          

 

 
(0.01

)

 
0.09

 

 
0.10

 

 
0.05

 

 
0.23

 

Net income (loss)

 

 
(0.06

)

 
0.25

 

 
0.31

 

 
(0.48

)

 
0.02

 

Diluted earnings (loss) per share(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$
(0.06

)

$
0.15

 

$
0.20

 

$
(0.52

)

$
(0.22

)

Income (loss) from discontinued operations          

 

 
(0.01

)

 
0.08

 

 
0.10

 

 
0.05

 

 
0.23

 

Net income (loss)

 

 
(0.06

)

 
0.24

 

 
0.30

 

 
(0.48

)

 
0.02

 

(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.

        Income (loss) from continuing operations and Net income (loss) in the first quarter of fiscal 2015 includes a $189 million tax settlement with the IRS. Income (loss) from continuing operations and Net income (loss) in the second quarter of fiscal 2015 includes a loss on extinguishment and modification of debt of $100 million. Income (loss) from continuing operations and Net income (loss) in the fourth quarter of fiscal 2015 includes a $1,007 million benefit in provision for income taxes from the reversal of the valuation allowance on the Company's net U.S. deferred tax assets.

        Income (loss) from continuing operations and Net income (loss) in the fourth quarter of fiscal 2014 includes a loss on extinguishment of debt of $106 million.

        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.