Macy's 2011 Annual Report Download - page 89

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-49
MACY’S, INC.
Condensed Consolidating Statement of Operations
For 2009
(millions)
Parent Subsidiary
Issuer Other
Subsidiaries Consolidating
Adjustments Consolidated
Net sales....................................................................... $ — $ 12,791 $ 16,700 $ (6,002) $ 23,489
Cost of sales................................................................. —(7,836)(12,073) 5,936 (13,973)
Gross margin................................................................ — 4,955 4,627 (66) 9,516
Selling, general and administrative expenses .............. (8)(4,616)(3,504) 66 (8,062)
Gain on sale of properties, impairments, store closing
costs and division consolidation costs...................... —(226)(165) — (391)
Operating income (loss)............................................... (8) 113 958 — 1,063
Interest (expense) income, net:
External................................................................. 3(558)(1) — (556)
Intercompany........................................................ (2)(153) 155 — —
Equity in earnings of subsidiaries................................ 333 201 — (534) —
Income (loss) before income taxes .............................. 326 (397) 1,112 (534) 507
Federal, state and local income tax benefit (expense) . 3 232 (413) — (178)
Net income (loss)......................................................... $ 329 $ (165) $ 699 $ (534) $ 329