NOTE 17—QUARTERLY FINANCIAL DATA (UNAUDITED)

The following is a summary of the quarterly consolidated results of operations for the fiscal years ended February 3, 2019 and January 28, 2018 (amounts in millions):


	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		TOTAL
Fiscal Year 2018
Net sales	$	1,389	$	1,600	$	1,612	$	1,446	$	6,047
Gross profit		552		622		629		572		2,375
Income from continuing operations		89		130		82		90		391
Income from discontinued operations		—		1		—		2		3
Net income		89		131		82		92		394
Basic earnings per share(1)
Income from continuing operations	$	0.48	$	0.71	$	0.45	$	0.51	$	2.16
Income from discontinued operations		—		0.01		—		0.01		0.02
Net income		0.48		0.72		0.45		0.53		2.18
Diluted earnings per share(1)
Income from continuing operations	$	0.48	$	0.71	$	0.45	$	0.51	$	2.15
Income from discontinued operations		—		0.01		—		0.01		0.02
Net income		0.48		0.71		0.45		0.52		2.17
Fiscal Year 2017
Net sales	$	1,216	$	1,352	$	1,370	$	1,183	$	5,121
Gross profit		484		539		542		468		2,033
Income (loss) from continuing operations		58		81		46		(18)		167
Income from discontinued operations		27		361		406		9		803
Net income (loss)		85		442		452		(9)		970
Basic earnings (loss) per share(1)
Income (loss) from continuing operations	$	0.29	$	0.41	$	0.25	$	(0.10)	$	0.87
Income from discontinued operations		0.13		1.83		2.19		0.05		4.18
Net income (loss)		0.42		2.24		2.43		(0.05)		5.05
Diluted earnings (loss) per share(1)
Income (loss) from continuing operations	$	0.29	$	0.41	$	0.25	$	(0.10)	$	0.86
Income from discontinued operations		0.13		1.81		2.18		0.05		4.15
Net income (loss)		0.42		2.22		2.42		(0.05)		5.01

(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 third quarter of fiscal 2018 includes a pre-tax loss on extinguishment and modification of debt of $69 million.

Income (loss) from continuing operations and Net income (loss) in the third quarter of fiscal 2017 includes a pre-tax loss on extinguishment and modification of debt of $78 million.

Income (loss) from continuing operations and Net income (loss) in the fourth quarter of fiscal 2017 includes $72 million of tax expense associated with the remeasurement of the U.S. deferred tax assets and liabilities driven by the enactment of the Tax Act of 2017.