Big Lots 2007 Annual Report Download - page 129
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41
The accompanying notes are an integral part of these consolidated financial statements.
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share information)
2007 2006 2005
Net sales ............................................. $4,656,302 $4,743,048 $4,429,905
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,815,959 2,851,616 2,698,239
Gross margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,840,343 1,891,432 1,731,666
Selling and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . 1,515,379 1,622,339 1,596,136
Depreciation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,484 101,279 108,657
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,480 167,814 26,873
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,513) (581) (6,272)
Interest and investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,236 3,257 313
Income from continuing operations before
income taxes ........................................ 239,203 170,490 20,914
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,023 57,872 5,189
Income from continuing operations ........................ 151,180 112,618 15,725
Income (loss) from discontinued operations,
net of tax expense (benefit) of $4,726, $4,445, and $(15,886)
in fiscal years 2007, 2006, and 2005, respectively . . . . . . . . . . 7,281 11,427 (25,813)
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 158,461 $ 124,045 $ (10,088)
Earnings per common share — basic:
Continuing operations ................................. $ 1.49 $ 1.02 $ 0.14
Discontinued operations ............................... 0.07 0.10 (0.23)
$ 1.56 $ 1.12 $ (0.09)
Earnings per common share — diluted:
Continuing operations ................................. $ 1.47 $ 1.01 $ 0.14
Discontinued operations ............................... 0.07 0.10 (0.23)
$ 1.55 $ 1.11 $ (0.09)