Saks Fifth Avenue 2010 Annual Report Download - page 53

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SAKS INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, except per share amounts) Year Ended
January 29,
2011
January 30,
2010
January 31,
2009
NET SALES ............................................... $2,785,745 $2,631,532 $3,043,438
Cost of sales (excluding depreciation and amortization) ............. 1,668,487 1,668,097 2,062,494
Gross margin ........................................... 1,117,258 963,435 980,944
Selling, general and administrative expenses ...................... 715,951 674,306 784,510
Other operating expenses
Property and equipment rentals ............................. 98,501 101,756 101,063
Depreciation and amortization ............................. 118,696 135,162 134,694
Taxes other than income taxes ............................. 79,889 75,271 82,598
Store pre-opening costs ................................... 1,038 2,077 2,328
Impairments and dispositions .................................. 13,085 29,348 11,139
OPERATING INCOME (LOSS) ...................... 90,098 (54,485) (135,388)
Interest expense ............................................. (56,725) (49,480) (45,739)
Gain (loss) on extinguishment of debt ........................... (4) 783 —
Other income, net ........................................... 117 1,019 5,600
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES ....................... 33,486 (102,163) (175,527)
Benefit for income taxes ...................................... (13,910) (44,501) (48,902)
INCOME (LOSS) FROM CONTINUING
OPERATIONS .................................. 47,396 (57,662) (126,625)
DISCONTINUED OPERATIONS:
Income (loss) from discontinued operations ....................... 693 (395) (52,727)
Provision (benefit) for income taxes ............................. 243 (138) (20,548)
INCOME (LOSS) FROM DISCONTINUED
OPERATIONS .................................. 450 (257) (32,179)
NET INCOME (LOSS) ...................................... $ 47,846 $ (57,919) $ (158,804)
Per share amounts—Basic
Income (loss) from continuing operations ........................ $ 0.31 $ (0.40) $ (0.92)
Loss from discontinued operations .............................. $ — $ — $ (0.23)
Net income (loss) ........................................... $ 0.31 $ (0.40) $ (1.15)
Per share amounts—Diluted
Income (loss) from continuing operations ........................ $ 0.30 $ (0.40) $ (0.92)
Loss from discontinued operations .............................. $ — $ — $ (0.23)
Net income (loss) ........................................... $ 0.30 $ (0.40) $ (1.15)
Weighted average common shares:
Basic ................................................. 154,325 143,194 138,384
Diluted ................................................ 158,413 143,194 138,384
The accompanying notes are an integral part of these consolidated financial statements.
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