1
EXHIBIT 11
WOOLWORTH CORPORATION
COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE
(Unaudited)
(in millions, except per share amounts)
Thirteen weeks ended Twenty-six weeks ended
------------------------ ------------------------
July 26, July 27, July 27, July 27,
1997 1996 1997 1996
---- ---- ---- ----
FINANCIAL STATEMENT PRESENTATION
Weighted-average number of common shares outstanding 134.5 133.3 134.3 133.2
======= ======= ======= =======
Income (loss) from continuing operations 26 26 43 11
Less: Preferred dividends -- -- -- --
------- ------- ------- -------
Income from continuing operations applicable to common shares 26 26 43 11
Loss from discontinued operations (207) (4) (223) (11)
------- ------- ------- -------
Net income (loss) $ (181) $ 22 $ (180) $ --
======= ======= ======= =======
Per Common Share:
Income from continuing operations $ 0.19 $ 0.19 $ 0.32 $ 0.08
Loss from discontinued operations (1.54) (0.02) (1.66) (0.08)
------- ------- ------- -------
Net income (loss) per share of common stock $ (1.35) $ 0.17 $ (1.34) $ --
======= ======= ======= =======
PRIMARY(1)
Weighted-average number of common shares
outstanding and common share equivalents 134.5 134.3 134.3 133.7
======= ======= ======= =======
Income from continuing operations applicable to common shares 26 26 43 11
Loss from discontinued operations (207) (4) (223) (11)
------- ------- ------- -------
Net income (loss) $ (181) $ 22 $ (180) $ --
======= ======= ======= =======
Primary:
Income from continuing operations $ 0.19 $ 0.19 $ 0.32 $ 0.08
Loss from discontinued operations (1.54) (0.02) (1.66) (0.08)
------- ------- ------- -------
Net income (loss) per share of common stock $ (1.35) $ 0.17 $ (1.34) $ --
======= ======= ======= =======
FULLY DILUTED (1) (2)
Weighted-average number of common shares outstanding
and fully diluted common share equivalents 136.5 134.3 135.8 133.9
Assumed conversion of preferred stock -- 0.6 -- 0.6
------- ------- ------- -------
Adjusted weighted-average number of common
shares and common share equivalents 136.5 134.9 135.8 134.5
======= ======= ======= =======
Income from continuing operations applicable to common shares 26 26 43 11
Loss from discontinued operations (207) (4) (223) (11)
------- ------- ------- -------
Net income (loss) $ (181) $ 22 $ (180) $ --
======= ======= ======= =======
Fully Diluted:
Income from continuing operations $ 0.19 $ 0.19 $ 0.32 $ 0.08
Loss from discontinued operations (1.52) (0.02) (1.64) (0.08)
------- ------- ------- -------
Net income (loss) per share of common stock $ (1.33) $ 0.17 $ (1.32) $ --
======= ======= ======= =======
(1) This calculation is submitted in accordance with Securities Exchange Act
of 1934 Release No. 9083 although not required by footnote 2 to
paragraph 14 of APB Opinion No. 15 because it results in dilution of
less than 3%.
(2) This calculation is submitted for the 1997 loss in accordance with
Regulation S-K, Item 601(b)(11) although it is contrary to paragraph 40
of APB Opinion No. 15 because it produces an anti-dilutive result.