Quarterly Summary (Unaudited)

The following table summarizes quarterly information for 2015 and 2014:



	(In millions, except per share amounts) ⁽⁹⁾
	First Quarter ⁽¹⁾		Second Quarter ⁽²⁾		Third Quarter ⁽³⁾		Fourth Quarter ⁽⁴⁾
Fiscal Year Ended January 30, 2016
Sales	$	5,262	$	4,937	$	5,593	$	5,268
Gross profit	1,347		1,264		1,522		1,381

Consolidated net income	59		36		198		86

Basic and diluted earnings per common share:	$	0.09	$	0.06	$	0.31	$	0.13



	First Quarter ⁽⁵⁾		Second Quarter ⁽⁶⁾		Third Quarter ⁽⁷⁾		Fourth Quarter ⁽⁸⁾
Fiscal Year Ended January 31, 2015
Sales	$	5,654	$	5,220	$	5,962	$	5,656
Gross profit	1,410		1,308		1,596		1,486

Consolidated net income (loss)	96		82		217		(260		)

Basic and diluted earnings per common share:	$	0.15	$	0.13	$	0.34	$	(0.41	)

(1)

Net income for this period includes a $22 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $41 million of restructuring charges (see Note B - Restructuring Charges), a $3 million net gain on the disposal of certain property and equipment (see Note D - Sale of Businesses and Assets), $4 million of accelerated depreciation related to restructuring activities (see Note B - Restructuring Charges) and $15 million of costs associated with the proposed acquisition of Office Depot (see Note R - Proposed Acquisition of Office Depot).

(2)

Net income for this period includes a $1 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $23 million of restructuring charges (see Note B - Restructuring Charges), $1 million of accelerated depreciation related to restructuring activities (see Note B - Restructuring Charges) and $34 million of costs associated with the proposed acquisition of Office Depot (see Note R - Proposed Acquisition of Office Depot).

(3)

Net income for this period includes a $2 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $22 million of restructuring charges (see Note B - Restructuring Charges), $1 million of inventory write downs related to restructuring activities (see Note B - Restructuring Charges), $40 million of costs associated with the proposed acquisition of Office Depot (see Note R - Proposed Acquisition of Office Depot) and $3 million of costs related to the previously announced PNI Digital Media Ltd. ("PNI") data security incident (see Note I - Commitments and Contingencies).

(4)

Net income for this period includes a $25 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $66 million of restructuring charges (see Note B - Restructuring Charges), $58 million of costs associated with the proposed acquisition of Office Depot (see Note R - Proposed Acquisition of Office Depot), $16 million of costs related to the previously announced PNI data security incident (see Note I - Commitments and Contingencies) and a $7 million loss on sale of businesses and assets (see Note D - Sale of Businesses and Assets).

(5)

Net income for this period includes a $22 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $13 million of restructuring charges (see Note B - Restructuring Charges), a $22 million net gain on disposal of businesses (see Note D - Sale of Businesses and Assets) and $11 million of inventory write downs related to restructuring activities (see Note B - Restructuring Charges).

(6)

Net income for this period includes a $5 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $88 million of restructuring charges (see Note B - Restructuring Charges), an inventory write down of $5 million related to restructuring activities (see Note B - Restructuring Charges) and $2 million of accelerated depreciation related to restructuring activities (see Note B - Restructuring Charges).

(7)

Net income for this period includes a $9 million charge for impairment of long-lived assets (see Note C - Goodwill and Long-Lived Assets), $25 million of restructuring charges (see Note B - Restructuring Charges), a $6 million net gain on disposal of a business (see Note D - Sale of Businesses and Assets), $11 million of inventory write downs (see Note B - Restructuring Charges) and $2 million of accelerated depreciation related to restructuring activities (see Note B - Restructuring Charges).


(8)	Net loss for this period includes a $434 million charge for impairment of goodwill and long-lived assets (see Note C - Goodwill and Long-Lived Assets), $44 million of restructuring charges (see Note B - Restructuring Charges) and $5 million of accelerated depreciation related to restructuring activities (see Note B - Restructuring Charges).


(9)	The sum of the quarterly amounts may not tie to the full year amounts due to rounding.