Macy's 2013 Annual Report Download - page 50
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Table of Contents
Net sales $27,931
$27,686
$26,405
Cost of sales (16,725)
(16,538)
(15,738)
Gross margin 11,206
11,148
10,667
Selling, general and administrative expenses (8,440)
(8,482)
(8,281)
Impairments, store closing and other costs and
gain on sale of leases (88)
(5)
25
Operating income 2,678
2,661
2,411
Interest expense (390)
(425)
(447)
Premium on early retirement of debt —
(137)
—
Interest income 2
3
4
Income before income taxes 2,290
2,102
1,968
Federal, state and local income tax expense (804)
(767)
(712)
Net income $1,486
$ 1,335
$1,256
Basic earnings per share $3.93
$ 3.29
$2.96
Diluted earnings per share $ 3.86
$3.24
$2.92
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-4