Saks Fifth Avenue 2008 Annual Report Download - page 93

SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
NOTE 14 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Summarized quarterly financial information for 2008 and 2007 is as follows:
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Fiscal year ended January 31, 2009:
Total sales ....................................... $850,041 $656,968 $687,229 $ 835,505
Gross margin ..................................... 322,843 227,407 243,261 173,738
Operating income (loss) ............................. 42,614 (41,566) (14,369) (122,067)
Income (loss) from continuing operations ............... 19,912 (29,948) (29,819) (82,907)
Net income (loss) .................................. 18,277 (31,709) (42,755) (98,754)
Basic earnings (loss) per common share .................... $ 0.13 $ (0.23) $ (0.31) $ (0.72)
Diluted earnings (loss) per common share .................. $ 0.13 $ (0.23) $ (0.31) $ (0.72)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter
Fiscal year ended February 2, 2008:
Total sales ....................................... $779,932 $679,958 $782,469 $ 981,717
Gross margin ..................................... 321,221 239,080 327,000 364,524
Operating income (loss) ............................. 33,922 (31,271) 47,657 52,568
Income (loss) from continuing operations ............... 11,938 (23,764) 23,036 39,477
Net income (loss) .................................. 11,037 (24,626) 21,590 39,472
Basic earnings (loss) per common share .................... $ 0.08 $ (0.17) $ 0.15 $ 0.28
Diluted earnings (loss) per common share .................. $ 0.07 $ (0.17) $ 0.14 $ 0.26
NOTE 15 — CONDENSED CONSOLIDATING FINANCIAL INFORMATION
The following tables present condensed consolidating financial information for 2008, 2007 and 2006 for:
(1) Saks Incorporated and (2) on a combined basis, the guarantors of Saks Incorporated’s senior notes (which are
all of the wholly owned subsidiaries of Saks Incorporated).
The condensed consolidating financial statements presented as of and for the years ended January 31,
2009, February 2, 2008, and February 3, 2007 reflect the legal entity compositions at the respective dates. Certain
2007 and 2006 amounts in the following tables have been revised to reflect the allocation of deferred income
taxes between Saks Incorporated and the guarantors of Saks Incorporated’s senior notes.
Separate financial statements of the guarantor subsidiaries are not presented because the guarantors are
jointly, severally, fully and unconditionally liable under the guarantees. Borrowings and the related interest
expense under the Company’s revolving credit agreement are allocated to Saks Incorporated and the guarantor
subsidiaries under an intercompany revolving credit arrangement. There are also management and royalty fee
arrangements among Saks Incorporated and its subsidiaries. At January 31, 2009, Saks Incorporated was the sole
obligor for the majority of the Company’s long-term debt and maintained a small group of corporate employees.
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