Full Year Results: Earnings per share for the fifty-three week year ended February 3, 2007 were $1.68 compared to $1.62 (before cumulative effect of accounting change of $0.04 related to the change from the retail method of inventory valuation to the cost method) for the fifty-two weeks ended January 28, 2006. Operating income was $1.176 billion compared to $985.8 million last year, and net income before cumulative effect of accounting changes was $675.0 million compared to $666.4 million last year.
Excluding the fourth quarter 2005 items totaling $0.29 mentioned above, earnings per share for the fifty-three week year ended February 3, 2007 were $1.68 compared to $1.33 (before cumulative effect of accounting change of $0.04) for the fifty-two weeks ended January 28, 2006.
Excluding the 2006 impact of $0.05 per share from the recognition of stock option expense under Statement of Financial Accounting Standards No. 123R, this represents an increase of 30%. Operating income was $1.176 billion compared to $955.4 million last year, and net income before cumulative effect of accounting changes was $675.0 million compared to $546.0 million last year.
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