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QUARTERLY INFORMATION (unaudited)
 12 Months Ended
Feb. 29, 2020
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY INFORMATION (unaudited)
NOTE 1
6
—
QUARTERLY INFORMATION (unaudited)
The summarized quarterly financial data presented below reflects all adjustments, which in the opinion of management, are of a normal and recurring nature and are necessary for a fair statement of the results for the interim periods presented (in millions):
                                         
 
Fiscal 2019
 
 
53
Weeks
 
  
Last 13
Weeks
 
  
Third 12
Weeks
 
  
Second 12
Weeks
 
  
First 16
Weeks
 
Net sales and other revenue
  $
62,455.1
     $
15,436.8
     $
14,103.2
     $
14,176.7
     $
18,738.4
  
Gross profit
   
17,594.2
      
4,418.0
      
3,995.1
      
3,941.5
      
5,239.6
  
Operating income
   
1,437.1
      
326.6
      
206.6
      
582.4
      
321.5
  
Income before income taxes
   
599.2
      
90.1
      
67.7
      
376.7
      
64.7
  
Income tax expense
   
132.8
      
22.3
      
12.9
      
81.9
      
15.7
  
                                         
Net income
  $
466.4
     $
67.8
     $
54.8
     $
294.8
     $
49.0
  
                                         
Basic and diluted net income per common share
 
$
1.67
 
 
$
0.24
 
 
$
0.20
 
 
$
1.05
 
 
$
0.18
 
 
 
 
 
 
 
 
Net income for the second quarter of fiscal 2019 includes the Company’s $463.6 million net gain related to three separate sale leaseback transactions, which is included as a component of (Gain) loss on property dispositions and impairment losses, net.
                                         
 
Fiscal 2018
 
 
52
Weeks
 
  
Last 12
Weeks
 
  
Third 12
Weeks
 
  
Second 12
Weeks
 
  
First 16
Weeks
 
Net sales and other revenue
  $
60,534.5
     $
14,016.6
     $
13,840.4
     $
14,024.1
     $
18,653.4
  
Gross profit
   
16,894.6
      
4,058.7
      
3,852.4
      
3,812.8
      
5,170.7
  
Operating income
   
787.3
      
288.4
      
174.4
      
131.4
      
193.1
  
Income (loss) before income taxes
   
52.2
      
137.0
      
(19.8
 )    
(44.3
 )    
(20.7
 )
Income tax (benefit) expense
   
(78.9
 )    
1.4
      
(65.4
 )    
(11.9
 )    
(3.0
 )
                                         
Net income (loss)
  $
131.1
     $
135.6
     $
45.6
     $
(32.4
 )   $
(17.7
 )
                                         
Basic and diluted net income (loss) per common share
 
$
0.47
 
 
$
0.49
 
 
$
0.16
 
 
$
(0.12
)
 
$
(0.06
)
 
 
 
 
 
 
 
Net income for the third quarter of fiscal 2018 includes the Company’s provisional SAB 118 adjustment of $60.3 million related to the Tax Cuts and Jobs Act (the “Tax Act”). Net income for the second quarter of fiscal 2018 includes the Company’s $135.8 million net gain on property dispositions and impairment losses.