Saks Fifth Avenue 2009 Annual Report Download - page 95

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 30, 2010
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
NET SALES $ 2,631,532 $ 2,631,532
Cost of sales (excluding depreciation and amortization) 1,668,097 1,668,097
GROSS MARGIN 963,435 963,435
Selling, general and administrative expenses $ 357 673,949 674,306
Other operating expenses 1 312,188 312,189
Store pre-opening costs 2,077 2,077
Impairments and dispositions 29,348 29,348
OPERATING LOSS (358) (54,127) — (54,485)
OTHER INCOME (EXPENSE)
Equity in earnings of subsidiaries—continuing
operations (32,562) $ 32,562
Interest expense (42,591) (6,889) (49,480)
Gain on extinguishment of debt 783 783
Other income, net 1,019 1,019
LOSS FROM CONTINUING OPERATIONS BEFORE
BENEFIT FOR INCOME TAXES (73,709) (61,016) 32,562 (102,163)
Benefit for income taxes (16,047) (28,454) (44,501)
LOSS FROM CONTINUING OPERATIONS (57,662) (32,562) 32,562 (57,662)
DISCONTINUED OPERATIONS:
Equity in earnings of subsidiaries—discontinued
operations (net of tax) (257) 257
Loss from discontinued operations before
Benefit for income taxes (395) (395)
Benefit for income taxes (138) (138)
LOSS FROM DISCONTINUED OPERATIONS (257) (257) 257 (257)
NET LOSS $ (57,919) $ (32,819) $ 32,819 $ (57,919)
F-39
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠