Saks Fifth Avenue 2009 Annual Report Download - page 59

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share amounts)
Year Ended
January 30,
2010
January 31,
2009
(Revised)
February 2,
2008
(Revised)
NET SALES $ 2,631,532 $ 3,043,438 $ 3,237,275
Cost of sales (excluding depreciation and amortization) 1,668,097 2,062,494 1,972,251
Gross margin 963,435 980,944 1,265,024
Selling, general and administrative expenses 674,306 784,510 840,823
Other operating expenses
Property and equipment rentals 101,756 101,063 100,106
Depreciation and amortization 135,162 134,694 131,737
Taxes other than income taxes 75,271 82,598 84,496
Store pre-opening costs 2,077 2,328 707
Impairments and dispositions 29,348 11,139 4,279
OPERATING INCOME (LOSS) (54,485) (135,388) 102,876
Interest expense (49,480) (45,739) (48,303)
Gain (loss) on extinguishment of debt 783 — (5,634)
Other income, net 1,019 5,600 24,912
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME
TAXES (102,163) (175,527) 73,851
Provision (benefit) for income taxes (44,501) (48,902) 26,755
INCOME (LOSS) FROM CONTINUING OPERATIONS (57,662) (126,625) 47,096
DISCONTINUED OPERATIONS:
Loss from discontinued operations (395) (52,727) (4,860)
Benefit for income taxes (138) (20,548) (1,646)
LOSS FROM DISCONTINUED OPERATIONS (257) (32,179) (3,214)
NET INCOME (LOSS) $ (57,919) $ (158,804) $ 43,882
Per share amounts — Basic
Income (loss) from continuing operations $ (0.40) $ (0.92) $ 0.33
Loss from discontinued operations $ — $ (0.23) $ (0.02)
Net income (loss) $ (0.40) $ (1.15) $ 0.31
Per share amounts — Diluted
Income (loss) from continuing operations $ (0.40) $ (0.92) $ 0.31
Loss from discontinued operations $ — $ (0.23) $ (0.02)
Net income (loss) $ (0.40) $ (1.15) $ 0.29
Weighted average common shares:
Basic 143,194 138,384 140,402
Diluted 143,194 138,384 153,530
The accompanying notes are an integral part of these consolidated financial statements.
F-3
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠