Macy's 2011 Annual Report Download - page 44

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F-4
MACY’S, INC.
CONSOLIDATED STATEMENTS OF INCOME
(millions, except per share data)
2011 2010 2009
Net sales.......................................................................................................... $ 26,405 $ 25,003 $ 23,489
Cost of sales .................................................................................................... (15,738)(14,824)(13,973)
Gross margin................................................................................................... 10,667 10,179 9,516
Selling, general and administrative expenses ................................................. (8,281)(8,260)(8,062)
Gain on sale of properties, impairments, store closing costs
and division consolidation costs.................................................................. 25 (25)(391)
Operating income............................................................................................ 2,411 1,894 1,063
Interest expense............................................................................................... (447)(579)(562)
Interest income................................................................................................ 456
Income before income taxes ........................................................................... 1,968 1,320 507
Federal, state and local income tax expense ................................................... (712)(473)(178)
Net income...................................................................................................... $ 1,256 $ 847 $ 329
Basic earnings per share.................................................................................. $ 2.96 $ 2.00 $ 0.78
Diluted earnings per share............................................................................... $ 2.92 $ 1.98 $ 0.78
The accompanying notes are an integral part of these Consolidated Financial Statements.