Macy's, Inc. | 2013 | FY | 3

Quarterly Results (unaudited)
Unaudited quarterly results for the last two years were as follows:
 
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(millions, except per share data)
2013:
 
 
 
 
 
 
 
Net sales
$
6,387

 
$
6,066

 
$
6,276

 
$
9,202

Cost of sales
(3,911
)
 
(3,533
)
 
(3,817
)
 
(5,464
)
Gross margin
2,476

 
2,533

 
2,459

 
3,738

Selling, general and administrative expenses
(2,041
)
 
(1,999
)
 
(2,099
)
 
(2,301
)
Impairments, store closing and other costs
and gain on sale of leases
—

 
—

 
—

 
(88
)
Net income
217

 
281

 
177

 
811

Basic earnings per share
.56

 
.73

 
.47

 
2.21

Diluted earnings per share
.55

 
.72

 
.47

 
2.16

2012:
 
 
 
 
 
 
 
Net sales
$
6,143

 
$
6,118

 
$
6,075

 
$
9,350

Cost of sales
(3,757
)
 
(3,555
)
 
(3,672
)
 
(5,554
)
Gross margin
2,386

 
2,563

 
2,403

 
3,796

Selling, general and administrative expenses
(1,995
)
 
(2,009
)
 
(2,078
)
 
(2,400
)
Impairments, store closing and other costs
and gain on sale of leases
—

 
—

 
—

 
(5
)
Net income
181

 
279

 
145

 
730

Basic earnings per share
.43

 
.68

 
.36

 
1.86

Diluted earnings per share
.43

 
.67

 
.36

 
1.83

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