Saks Fifth Avenue 2008 Annual Report Download - page 94
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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 31, 2009
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
NET SALES ........................... $3,029,743 $3,029,743
Cost of sales ............................ 2,062,494 2,062,494
GROSS MARGIN .................. 967,249 967,249
Selling, general and administrative expenses . . $ 13 770,802 770,815
Other operating expenses ................. 947 317,408 318,355
Store pre-opening costs ................... 2,328 2,328
Impairments and dispositions .............. 11,139 11,139
OPERATING LOSS .................... (960) (134,428) — (135,388)
OTHER INCOME (EXPENSE)
Equity in earnings of subsidiaries —
continuing operations .............. (106,819) $106,819
Interest expense ..................... (30,252) (9,054) (39,306)
Other income, net ................... 5,600 5,600
LOSS FROM CONTINUING
OPERATIONS BEFORE BENEFIT FOR
INCOME TAXES .................... (132,431) (143,482) 106,819 (169,094)
Benefit for income taxes .................. (9,669) (36,663) (46,332)
LOSS FROM CONTINUING
OPERATIONS ....................... (122,762) (106,819) 106,819 (122,762)
DISCONTINUED OPERATIONS:
Equity in earnings of subsidiaries —
discontinued operations (net of tax) . . . (32,179) 32,179
Loss from discontinued operations before
Benefit for income taxes ............ (52,727) (52,727)
Benefit for income taxes .............. (20,548) (20,548)
LOSS FROM DISCONTINUED
OPERATIONS ....................... (32,179) (32,179) 32,179 (32,179)
NET LOSS ............................ $(154,941) $ (138,998) $138,998 $ (154,941)
F-40