Macy's 2010 Annual Report Download - page 104

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
MACY’S, INC.
Condensed Consolidating Statement of Operations
For 2008
(millions)
Parent
Subsidiary
Issuer
Other
Subsidiaries
Consolidating
Adjustments Consolidated
Net sales ................................. $ – $13,540 $13,755 $(2,403) $ 24,892
Cost of sales .............................. – (8,528) (8,812) 2,331 (15,009)
Gross margin .............................. – 5,012 4,943 (72) 9,883
Selling, general and administrative expenses ..... (5) (4,747) (3,801) 72 (8,481)
Impairments, store closing costs and division
consolidation costs ....................... – (224) (174) – (398)
Goodwill impairment charges ................ – (3,243) (2,139) – (5,382)
Operating loss ............................. (5) (3,202) (1,171) – (4,378)
Interest (expense) income, net:
External .............................. 20 (583) 3 – (560)
Intercompany ......................... (5) (130) 135 – –
Equity in losses of subsidiaries ................ (4,781) (1,880) – 6,661 –
Loss before income taxes .................... (4,771) (5,795) (1,033) 6,661 (4,938)
Federal, state and local income tax benefit
(expense) ............................... (4) 560 (393) – 163
Net loss .................................. $(4,775) $ (5,235) $ (1,426) $ 6,661 $ (4,775)
F-56