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Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jul. 29, 2017 | Jul. 30, 2016 | Jul. 29, 2017 | Jul. 30, 2016
Income Statement [Abstract] |  |  |  |
Net sales | $ 5,552 | $ 5,866 | $ 10,890 | $ 11,637
Cost of sales | (3,313) | (3,468) | (6,619) | (6,984)
Gross margin | 2,239 | 2,398 | 4,271 | 4,653
Selling, general and administrative expenses | (1,977) | (2,047) | (3,857) | (4,027)
Gains on sale of real estate | 43 | 21 | 111 | 35
Impairments and other costs | 0 | (249) | 0 | (249)
Settlement charges | (51) | (6) | (51) | (19)
Operating income (loss) | 254 | 117 | 474 | 393
Interest expense | (82) | (98) | (168) | (197)
Net premiums on early retirement of debt | 2 | 0 | (1) | 0
Interest income | 3 | 1 | 5 | 2
Income (loss) before income taxes | 177 | 20 | 310 | 198
Federal, state and local income tax expense | (64) | (11) | (127) | (74)
Net income (loss) | 113 | 9 | 183 | 124
Net loss attributable to noncontrolling interest | 3 | 2 | 4 | 3
Net income (loss) attributable to Macy's, Inc. shareholders | $ 116 | $ 11 | $ 187 | $ 127
Basic earnings per share attributable to Macy's, Inc. shareholders | $ 0.38 | $ 0.03 | $ 0.61 | $ 0.41
Diluted earnings per share attributable to Macy's, Inc. shareholders | $ 0.38 | $ 0.03 | $ 0.61 | $ 0.41

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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a),(d)) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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