Macy's 2014 Annual Report Download - page 51

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F-4
MACY’S, INC.
CONSOLIDATED STATEMENTS OF INCOME
(millions, except per share data)
2014 2013 2012
Net sales ................................................................................................... $ 28,105 $ 27,931 $ 27,686
Cost of sales ............................................................................................. (16,863)(16,725)(16,538)
Gross margin ............................................................................................ 11,242 11,206 11,148
Selling, general and administrative expenses........................................... (8,355)(8,440)(8,482)
Impairments, store closing and other costs .............................................. (87)(88)(5)
Operating income..................................................................................... 2,800 2,678 2,661
Interest expense........................................................................................ (395)(390)(425)
Premium on early retirement of debt........................................................ (17) — (137)
Interest income......................................................................................... 223
Income before income taxes..................................................................... 2,390 2,290 2,102
Federal, state and local income tax expense ............................................ (864)(804)(767)
Net income ............................................................................................... $ 1,526 $ 1,486 $ 1,335
Basic earnings per share........................................................................... $ 4.30 $ 3.93 $ 3.29
Diluted earnings per share........................................................................ $ 4.22 $ 3.86 $ 3.24
The accompanying notes are an integral part of these Consolidated Financial Statements.