First

Quarter

Second

Quarter

Third

Quarter

Fourth

Quarter

(millions, except per share data)

2020:

Net sales

$

3,017

$

3,559

$

3,990

$

6,780

Credit card revenues, net

131

168

195

258

Cost of sales

(2,501

)

(2,718

)

(2,569

)

(4,498

)

Selling, general and administrative expenses

(1,598

)

(1,398

)

(1,726

)

(2,045

)

Gains on sale of real estate

16

—

3

40

Restructuring, impairment, store closing and other costs

(3,184

)

(242

)

(20

)

(134

)

Benefit plan income, net

9

12

16

17

Settlement charges

—

(38

)

(26

)

(19

)

Net income (loss)

(3,581

)

(431

)

(91

)

160

Basic earnings (loss) per share

(11.53

)

(1.39

)

(0.29

)

0.51

Diluted earnings (loss) per share

(11.53

)

(1.39

)

(0.29

)

0.50

2019:

Net sales

$

5,504

$

5,546

$

5,173

$

8,337

Credit card revenues, net

172

176

183

239

Cost of sales

(3,403

)

(3,395

)

(3,106

)

(5,266

)

Selling, general and administrative expenses

(2,112

)

(2,177

)

(2,202

)

(2,509

)

Gains on sale of real estate

43

7

17

95

Restructuring, impairment, store closing and other costs

(1

)

(2

)

(13

)

(337

)

Benefit plan income, net

7

8

8

8

Settlement charges

—

—

(12

)

(46

)

Net income

136

86

2

340

Basic earnings per share

0.44

0.28

0.01

1.10

Diluted earnings per share

0.44

0.28

0.01

1.09