JCPenney 2003 Annual Report Download - page 24

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J. C. Penney Company, Inc.22
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data) 2003 2002 2001
Retail sales, net $17,786 $17,633 $ 18,092
Cost of goods sold 11,166 11,299 12,010
Gross margin 6,620 6,334 6,082
Selling, general and administrative expenses 5,830 5,634 5,529
Net interest expense 261 226 231
Real estate and other (income)/expense (17) 59 48
Income from continuing operations before income taxes 546 415 274
Income tax expense 182 130 92
Income from continuing operations $364 $285 $ 182
Discontinued operations, net of income
tax expense/(benefit) of $876, $49 and $(9) $(1,292) $120 $ (84)
Net (loss)/income $(928) $405 $ 98
Less: preferred stock dividends 25 27 29
Net (loss)/income applicable to common stockholders $(953) $378 $ 69
Earnings per share from continuing operations:
Basic $1.25 $0.96 $ 0.58
Diluted $1.21 $0.95 $ 0.57
(Loss)/earnings per share:
Basic $(3.50) $1.41 $ 0.26
Diluted $(3.13) $1.36 $ 0.26
The accompanying notes are an integral part of these Consolidated Financial Statements.