Macy's 2009 Annual Report Download - page 52

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MACY’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(millions, except per share data)
2009 2008 2007
Net sales ........................................................ $23,489 $ 24,892 $ 26,313
Cost of sales ..................................................... (13,973) (15,009) (15,677)
Gross margin .................................................... 9,516 9,883 10,636
Selling, general and administrative expenses ............................ (8,062) (8,481) (8,554)
Division consolidation costs and store closing related costs ................ (276) (187) –
Asset impairment charges .......................................... (115) (211) –
Goodwill impairment charges ....................................... – (5,382) –
May integration costs .............................................. – – (219)
Operating income (loss) ............................................ 1,063 (4,378) 1,863
Interest expense .................................................. (562) (588) (579)
Interest income ................................................... 6 28 36
Income (loss) from continuing operations before income taxes ............. 507 (4,938) 1,320
Federal, state and local income tax benefit (expense) ..................... (157) 135 (411)
Income (loss) from continuing operations .............................. 350 (4,803) 909
Discontinued operations, net of income taxes ........................... – – (16)
Net income (loss) ................................................. $ 350 $ (4,803) $ 893
Basic earnings (loss) per share:
Income (loss) from continuing operations .......................... $ .83 $ (11.40) $ 2.04
Loss from discontinued operations ............................... – – (.04)
Net income (loss) ............................................. $ .83 $ (11.40) $ 2.00
Diluted earnings (loss) per share:
Income (loss) from continuing operations .......................... $ .83 $ (11.40) $ 2.01
Loss from discontinued operations ............................... – – (.04)
Net income (loss) ............................................. $ .83 $ (11.40) $ 1.97
The accompanying notes are an integral part of these Consolidated Financial Statements.
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