Kohl's 2011 Annual Report Download - page 50

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KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Data)
2011 2010 2009
Net sales .......................................................... $18,804 $18,391 $17,178
Cost of merchandise sold (exclusive of depreciation shown separately below) . . . 11,625 11,359 10,680
Gross margin ...................................................... 7,179 7,032 6,498
Operating expenses:
Selling, general, and administrative ................................. 4,243 4,190 3,951
Depreciation and amortization ..................................... 778 750 688
Operating income ................................................... 2,158 2,092 1,859
Other expense (income):
Interest expense ................................................ 303 313 311
Interest income ................................................. (4) (9) (10)
Interest expense, net ............................................. 299 304 301
Income before income taxes ........................................... 1,859 1,788 1,558
Provision for income taxes ............................................ 692 668 585
Net income ........................................................ $ 1,167 $ 1,120 $ 973
Net income per share:
Basic ......................................................... $ 4.33 $ 3.69 $ 3.19
Diluted ....................................................... $ 4.30 $ 3.66 $ 3.17
See accompanying Notes to Consolidated Financial Statements
F-4