The Company reported net income of $123 million, or $1.17 per share, for the 13 weeks ended January 30, 2021, a decrease of 7.9 percent in earnings per share as compared with net income of $134 million, or $1.27 per share, for the corresponding prior-year period. On a non-GAAP basis, the Company earned $1.55 per share, a 4.9 percent decrease from non-GAAP earnings per share of $1.63 in the comparable prior-year period.
Fourth quarter comparable-store sales decreased by 2.7 percent. Total sales decreased by 1.4 percent, to $2,189 million this year, compared with sales of $2,221 million in the fourth quarter of 2019. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter decreased by 3.0 percent.
Sales for 2020 were $7,548 million, a decrease of 5.7 percent compared to sales of $8,005 million in fiscal 2019. Full-year comparable-store sales decreased 5.9 percent. Excluding the effect of foreign currency fluctuations, total sales decreased by 6.3 percent.
The Company's net income decreased to $323 million in 2020, or $3.08 per share, as compared to the 2019 reported net income of $491 million, or $4.50 per share. On a non-GAAP basis, earnings per share totaled $2.81 in 2020, a 43.0 percent decrease compared to last year's 52-week, non-GAAP earnings of $4.93.
At January 30, 2021, the Company's merchandise inventories were $923 million, 23.6 percent lower than at the end of the fourth quarter last year. Using constant currencies, inventory decreased by 25.5 percent.
At year-end, the Company's cash and cash equivalents totaled $1,680 million, while the debt on its balance sheet was $110 million. The Company's total cash position, net of debt, was $785 million higher than at the same time last year. During the fourth quarter of 2020, the Company spent $27 million to repurchase 660,347 shares. For the full year, the Company repurchased 968,547 shares for $37 million, returning a total of $110 million to shareholders through its share repurchase program and dividends. In addition, the Company invested $159 million in its store fleet, digital platforms, supply chain and logistics capabilities, and other infrastructure. ■