NOTE 15—QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the quarterly consolidated results of operations for the fiscal years ended January 29, 2017 and January 31, 2016 (amounts in millions):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			TOTAL
Fiscal Year 2016
Net sales	$	1,781		$	2,016		$	2,008		$	1,634		$	7,439
Gross profit		609			680			683			560			2,532
Income (loss) from continuing operations		(22	)		168			107			90			204
Income (loss) from discontinued operations		—			(4	)		(4	)		—			(8	)
Net income (loss)		(14	)		98			60			52			196
Basic earnings (loss) per share(1)
Income (loss) from continuing operations	$	(0.07	)	$	0.51		$	0.32		$	0.26		$	1.02
Income (loss) from discontinued operations		—			(0.02	)		(0.02	)		—			(0.04	)
Net income (loss)		(0.07	)		0.49			0.30			0.26			0.98
Diluted earnings (loss) per share(1)
Income (loss) from continuing operations	$	(0.07	)	$	0.51		$	0.32		$	0.26		$	1.01
Income (loss) from discontinued operations		—			(0.02	)		(0.02	)		—			(0.04	)
Net income (loss)		(0.07	)		0.49			0.30			0.26			0.97
Fiscal Year 2015
Net sales	$	1,660		$	1,937		$	1,942		$	1,584		$	7,123
Gross profit		559			648			648			534			2,389
Income (loss) from continuing operations		234			104			15			973			1,326
Income (loss) from discontinued operations		8			5			235			(102	)		146
Net income (loss)		242			109			250			871			1,472
Basic earnings (loss) per share(1)
Income (loss) from continuing operations	$	1.20		$	0.53		$	0.08		$	4.91		$	6.73
Income (loss) from discontinued operations		0.04			0.03			1.19			(0.51	)		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	$	1.17		$	0.52		$	0.07		$	4.84		$	6.59
Income (loss) from discontinued operations		0.04			0.02			1.17			(0.51	)		0.73
Net income (loss)		1.21			0.54			1.24			4.33			7.31


(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 2016 includes a loss on extinguishment of debt of $115 million. Income (loss) from continuing operations and Net income (loss) in the third quarter of fiscal 2016 includes a loss on extinguishment of debt of $59 million.

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.