Saks Fifth Avenue 2009 Annual Report Download - page 93

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except per share amounts)
approximately $52,231 million for 2008 and was not profitable. The Company incurred charges of $44,521 in 2008 associated with the CLL store closings which
are included in discontinued operations in the Consolidated Statements of Income.
The following table summarizes 2009 activity related to the discontinuation of the CLL business:
Severance and
Personnel
Related Costs
Lease
Termination
Costs
Other
Closing Costs Total
Balance at January 31, 2009 $ 3,651 $ 9,780 $ 172 $ 13,603
Adjustments to the reserve — 156 — 156
Cash Payments (3,651) (9,234) (172) (13,057)
Balance at January 30, 2010 $ — $ 702 $ — $ 702
NOTE 12 — QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Summarized quarterly financial information for 2009 and 2008 is as follows:
First
Quarter
(Revised)
Second
Quarter
(Revised)
Third
Quarter
Fourth
Quarter
Fiscal year ended January 30, 2010:
Total sales $ 624,265 $ 564,519 $ 631,434 $ 811,314
Gross margin 241,407 170,999 254,635 296,394
Operating income (loss) 2,191 (67,688) 15,609 (4,597)
Income (loss) from continuing operations (4,881) (54,489) 6,333 (4,625)
Net income (loss) (5,117) (54,512) 6,318 (4,608)
Basic earnings (loss) per common share $ (0.04) $ (0.39) $ 0.04 $ (0.03)
Diluted earnings (loss) per common share $ (0.04) $ (0.39) $ 0.04 $ (0.03)
First
Quarter
(Revised)
Second
Quarter
(Revised)
Third
Quarter
(Revised)
Fourth
Quarter
(Revised)
Fiscal year ended January 31, 2009:
Total sales $ 853,470 $ 660,089 $ 690,297 $ 839,582
Gross margin 326,272 230,528 246,329 177,815
Operating income (loss) 42,614 (41,566) (14,369) (122,067)
Income (loss) from continuing operations 18,971 (30,906) (30,793) (83,897)
Net income (loss) 17,336 (32,667) (43,729) (99,744)
Basic earnings (loss) per common share $ 0.12 $ (0.24) $ (0.32) $ (0.72)
Diluted earnings (loss) per common share $ 0.12 $ (0.24) $ (0.32) $ (0.72)
During the preparation of our condensed consolidated financial statements for the quarterly period ended October 31, 2009, the Company identified a
classification error in its Consolidated Statements of Income for the year ended January 31, 2009 and prior periods and the quarterly periods therein. The
Company improperly included certain shipping and handling revenue in SG&A. The Company corrected this error in our Consolidated
F-37
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠