JCPenney 2004 Annual Report Download - page 27

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J.C. PENNEY COMPANY, INC.2 004 ANNUAL REPORT
25
CONSOLIDATED STATEMENTS OF OPERATIONS
($ in millions, except per share data)
2004 2003 2002
Retail sales, net
$ 18,424 $ 17,786 $ 17,633
Cost of goods sold
11,285 11,166 11,299
Gross margin
7,139 6,620 6,334
Selling, general and administrative expenses
5,827 5,830 5,634
Net interest expense
233 261 226
Bond premiums and unamortized costs
47 –– ––
Real estate and other expense/(income)
12 (17) 59
Income from continuing operations before income taxes
1,020 546 415
Income tax expense
353 182 130
Income from continuing operations
$ 667 $ 364 $ 285
Discontinued operations, net of income
tax (benefit)/expense of $(183), $876 and $49
$(143) $ (1,292) $ 120
Net income/(loss)
$ 524 $ (928) $ 405
Less: preferred stock dividends
12 25 27
Net income/(loss) applicable to common stockholders
$ 512 $ (953) $ 378
Basic earnings/(loss) per share:
Continuing operations
$ 2.35 $ 1.25 $ 0.96
Discontinued operations
(0.52) (4.75) 0.45
Net income/(loss)
$ 1.83 $ (3.50) $ 1.41
Diluted earnings/(loss) per share:
Continuing operations
$ 2.23 $ 1.21 $ 0.95
Discontinued operations
(0.47) (4.34) 0.41
Net income/(loss)
$ 1.76 $ (3.13) $ 1.36
The accompanying notes are an integral part of these Consolidated Financial Statements.