The document discusses key concepts related to planning profit for retailers, including cost, retail price, operating income, cost of goods sold, gross margin, operating expenses, and net operating profit. It provides examples of calculating gross sales, customer returns and allowances, net sales, and gross sales based on net sales and customer return percentage. The document also discusses evaluating buyer performance based on sales, inventory, and margin results. Finally, it discusses using profit and loss statements from a merchandiser's perspective.