Saks Fifth Avenue 2009 Annual Report Download - page 101

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED FEBRUARY 2, 2008
(In Thousands)
SAKS
INCORPORATED
(Revised)
GUARANTOR
SUBSIDIARIES
(Revised)
ELIMINATIONS
(Revised)
CONSOLIDATED
(Revised)
NET SALES $ 3,237,275 $ 3,237,275
Cost of sales (excluding depreciation and
amortization) 1,972,251 1,972,251
GROSS MARGIN 1,265,024 1,265,024
Selling, general and administrative expenses $ 3,910 836,913 840,823
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 (38,951) (9,352) (48,303)
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 37,801 97,524 (61,474) 73,851
Provision (benefit) for income taxes (9,295) 36,050 26,755
INCOME FROM CONTINUING
OPERATIONS 47,096 61,474 (61,474) 47,096
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 $ 43,882 $ 58,260 $ (58,260) $ 43,882
F-45
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠