Saks Fifth Avenue 2008 Annual Report Download - page 97
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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED FEBRUARY 2, 2008
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
NET SALES ...................... $3,224,076 $3,224,076
Cost of sales ....................... 1,972,251 1,972,251
GROSS MARGIN ............. 1,251,825 1,251,825
Selling, general and administrative
expenses ........................ $ 3,910 823,714 827,624
Other operating expenses ............. 86 316,253 316,339
Store pre-opening costs .............. 707 707
Impairments and dispositions ......... 4,279 4,279
OPERATING INCOME (LOSS) ..... (3,996) 106,872 — 102,876
OTHER INCOME (EXPENSE)
Equity in earnings of subsidiaries —
continuing operations .......... 61,474 $(61,474)
Interest expense ................ (32,962) (9,352) (42,314)
Loss on extinguishment of debt .... (5,634) (5,634)
Other income, net ............... 24,908 4 24,912
INCOME FROM CONTINUING
OPERATIONS BEFORE
PROVISION (BENEFIT) FOR
INCOME TAXES ............... 43,790 97,524 (61,474) 79,840
Provision (benefit) for income taxes .... (6,897) 36,050 29,153
INCOME FROM CONTINUING
OPERATIONS .................. 50,687 61,474 (61,474) 50,687
DISCONTINUED OPERATIONS:
Equity in earnings of subsidiaries —
discontinued operations (net of
tax) ........................ (3,214) 3,214 —
Loss from discontinued
operations ................... (4,860) (4,860)
Benefit for income taxes ......... (1,646) (1,646)
LOSS FROM DISCONTINUED
OPERATIONS .................. (3,214) (3,214) 3,214 (3,214)
NET INCOME .................... $47,473 $ 58,260 $(58,260) $ 47,473
F-43