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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Aug. 04, 2018
Jul. 29, 2017
Aug. 04, 2018
Jul. 29, 2017
Net Sales [1] $ 4,085 $ 3,799 $ 7,868 $ 7,239
Cost of goods sold and occupancy expenses 2,458 2,320 4,814 4,457
Gross profit 1,627 1,479 3,054 2,782
Operating Expenses 1,229 1,028 2,427 2,077
Operating income 398 451 627 705
Interest Expense 17 16 33 35
Interest income (7) (4) (13) (7)
Income before income taxes 388 439 607 677
Income taxes 91 168 146 263
Net income $ 297 $ 271 $ 461 $ 414
Weighted-average number of shares - basic (in shares) 387 395 388 397
Weighted-average number of shares - diluted (in shares) 390 396 391 398
Earnings per share - basic (in dollars per share) $ 0.77 $ 0.69 $ 1.19 $ 1.04
Earnings per share - diluted (in dollars per share) 0.76 0.68 1.18 1.04
Cash dividends declared and paid per share (in dollars per share) $ 0.2425 $ 0.23 $ 0.485 $ 0.46
[1] Net sales for the thirteen and twenty-six weeks ended August 4, 2018 reflect the adoption of the new revenue recognition standard, which resulted in an increase to net sales of $139 million and $279 million, respectively, for revenue sharing and reimbursements of loyalty program discounts associated with the Company's credit card programs, as well as breakage revenue for our gift cards and credit vouchers. Prior period amounts have not been restated and continue to be reported under accounting standards in effect for those periods.