Macy's 2011 Annual Report Download - page 87

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-47
MACY’S, INC.
Condensed Consolidating Statement of Operations
For 2010
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales....................................................................... $ — $ 13,124 $ 19,900 $ (8,021) $ 25,003
Cost of sales................................................................. —(8,006)(14,782) 7,964 (14,824)
Gross margin................................................................ — 5,118 5,118 (57) 10,179
Selling, general and administrative expenses .............. (8)(4,519)(3,790) 57 (8,260)
Gain on sale of properties, impairments, store closing
costs and division consolidation costs...................... —(21)(4) — (25)
Operating income (loss)............................................... (8) 578 1,324 — 1,894
Interest (expense) income, net:
External................................................................. 2(575)(1) — (574)
Intercompany........................................................ (2)(165) 167 — —
Equity in earnings of subsidiaries................................ 852 417 — (1,269) —
Income before income taxes ........................................ 844 255 1,490 (1,269) 1,320
Federal, state and local income tax benefit (expense) . 3 65 (541) — (473)
Net income................................................................... $ 847 $ 320 $ 949 $ (1,269) $ 847