Big Lots 2011 Annual Report Download - page 156
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40
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 amounts)
2011 2010 2009
Net sales............................................. $5,202,269 $4,952,244 $4,726,772
Cost of sales (exclusive of depreciation expense
shown separately below) ............................. 3,131,862 2,939,793 2,807,466
Gross margin ......................................... 2,070,407 2,012,451 1,919,306
Selling and administrative expenses ....................... 1,634,532 1,576,500 1,532,356
Depreciation expense................................... 90,280 78,606 74,904
Gain on sale of real estate ............................... — — (12,964)
Operating profit ....................................... 345,595 357,345 325,010
Interest expense ....................................... (3,530) (2,573) (1,840)
Other income (expense)................................. (173) 612 175
Income from continuing operations before income taxes ....... 341,892 355,384 323,345
Income tax expense .................................... 134,657 132,837 121,975
Income from continuing operations........................ 207,235 222,547 201,370
Loss from discontinued operations, net of tax benefit
of $112, $14 and $656 in fiscal years 2011, 2010
and 2009, respectively ............................... (171) (23) (1,001)
Net income........................................... $ 207,064 $ 222,524 $ 200,369
Earnings per common share — basic
Continuing operations ............................... $ 3.03 $ 2.87 $ 2.47
Discontinued operations.............................. — — (0.01)
$ 3.03 $ 2.87 $ 2.45
Earnings per common share — diluted
Continuing operations ............................... $ 2.99 $ 2.83 $ 2.44
Discontinued operations.............................. — — (0.01)
$ 2.98 $ 2.83 $ 2.42