Saks Fifth Avenue 2009 Annual Report Download - page 98

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Table of Contents
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 31, 2009
(In Thousands)
SAKS
INCORPORATED
(Revised)
GUARANTOR
SUBSIDIARIES
(Revised)
ELIMINATIONS
(Revised)
CONSOLIDATED
(Revised)
NET SALES $ 3,043,438 $ 3,043,438
Cost of sales (excluding depreciation and
amortization) 2,062,494 2,062,494
GROSS MARGIN 980,944 980,944
Selling, general and administrative expenses $ 13 784,497 784,510
Other operating expenses 947 317,408 318,355
Store pre-opening costs 2,328 2,328
Impairments and dispositions 11,139 11,139
OPERATING LOSS (960) (134,428) — (135,388)
OTHER INCOME (EXPENSE)
Equity in earnings of subsidiaries —continuing
operations (101,186) $ 101,186
Interest expense (36,685) (9,054) (45,739)
Other income, net 5,600 5,600
LOSS FROM CONTINUING OPERATIONS
BEFORE BENEFIT FOR INCOME TAXES (133,231) (143,482) 101,186 (175,527)
Benefit for income taxes (6,606) (42,296) (48,902)
LOSS FROM CONTINUING OPERATIONS (126,625) (101,186) 101,186 (126,625)
DISCONTINUED OPERATIONS:
Equity in earnings of subsidiaries
—discontinued operations (net of tax) (32,179) 32,179
Loss from discontinued operations before
Benefit for income taxes (52,727) (52,727)
Benefit for income taxes (20,548) (20,548)
LOSS FROM DISCONTINUED OPERATIONS (32,179) (32,179) 32,179 (32,179)
NET LOSS $ (158,804) $ (133,365) $ 133,365 $ (158,804)
F-42
Source: SAKS INC, 10-K, March 18, 2010 Powered by Morningstar® Document Research℠