Macy's 2012 Annual Report Download - page 51

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F-4
MACY’S, INC.
CONSOLIDATED STATEMENTS OF INCOME
(millions, except per share data)
2012 2011 2010
Net sales.......................................................................................................... $ 27,686 $ 26,405 $ 25,003
Cost of sales .................................................................................................... (16,538)(15,738)(14,824)
Gross margin................................................................................................... 11,148 10,667 10,179
Selling, general and administrative expenses ................................................. (8,482)(8,281)(8,260)
Impairments, store closing costs and gain on sale of leases ........................... (5) 25 (25)
Operating income............................................................................................ 2,661 2,411 1,894
Interest expense............................................................................................... (425)(447)(513)
Premium on early retirement of debt .............................................................. (137) — (66)
Interest income................................................................................................ 345
Income before income taxes ........................................................................... 2,102 1,968 1,320
Federal, state and local income tax expense ................................................... (767)(712)(473)
Net income...................................................................................................... $ 1,335 $ 1,256 $ 847
Basic earnings per share.................................................................................. $ 3.29 $ 2.96 $ 2.00
Diluted earnings per share............................................................................... $ 3.24 $ 2.92 $ 1.98
The accompanying notes are an integral part of these Consolidated Financial Statements.