Macy's 2015 Annual Report Download - page 53

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F-4
MACY’S, INC.
CONSOLIDATED STATEMENTS OF INCOME
(millions, except per share data)
2015 2014 2013
Net sales ................................................................................................... $ 27,079 $ 28,105 $ 27,931
Cost of sales ............................................................................................. (16,496)(16,863)(16,725)
Gross margin ............................................................................................ 10,583 11,242 11,206
Selling, general and administrative expenses........................................... (8,256)(8,355)(8,440)
Impairments, store closing and other costs .............................................. (288)(87)(88)
Operating income ..................................................................................... 2,039 2,800 2,678
Interest expense ........................................................................................ (363)(395)(390)
Premium on early retirement of debt........................................................ —(17) —
Interest income ......................................................................................... 222
Income before income taxes..................................................................... 1,678 2,390 2,290
Federal, state and local income tax expense ............................................ (608)(864)(804)
Net income ............................................................................................... 1,070 1,526 1,486
Net loss attributable to noncontrolling interest ........................................ 2——
Net income attributable to Macy's, Inc. shareholders .............................. $ 1,072 $ 1,526 $ 1,486
Basic earnings per share attributable to
Macy's, Inc. shareholders...................................................................... $ 3.26 $ 4.30 $ 3.93
Diluted earnings per share attributable to
Macy's, Inc. shareholders...................................................................... $ 3.22 $ 4.22 $ 3.86
The accompanying notes are an integral part of these Consolidated Financial Statements.