Saks Fifth Avenue 2010 Annual Report Download - page 86

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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 29, 2011
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
NET SALES ........................... $2,785,745 $2,785,745
Cost of sales ............................ 1,668,487 1,668,487
GROSS MARGIN .................. 1,117,258 1,117,258
Selling, general and administrative expenses . . $ 1,777 714,174 715,951
Other operating expenses ................. 3 297,083 297,086
Store pre-opening costs ................... 1,038 1,038
Impairments and dispositions .............. 13,085 13,085
OPERATING INCOME (LOSS) .......... (1,780) 91,878 — 90,098
OTHER INCOME (EXPENSE)
Equity in earnings of subsidiaries—
continuing operations .............. 77,991 $(77,991)
Interest expense ..................... (50,171) (6,554) (56,725)
Loss on extinguishment of debt ......... (4) (4)
Other income, net ................... 117 117
INCOME FROM CONTINUING
OPERATIONS BEFORE PROVISION
(BENEFIT) FOR INCOME TAXES ..... 26,153 85,324 (77,991) 33,486
Provison (benefit) for income taxes ......... (21,243) 7,333 (13,910)
INCOME FROM CONTINUING
OPERATIONS ....................... 47,396 77,991 (77,991) 47,396
DISCONTINUED OPERATIONS:
Equity in earnings of subsidiaries—
discontinued operations (net of tax) . . . 450 (450)
Income from discontinued operations
before Provision for income taxes ..... 693 693
Provision for income taxes ............ 243 243
INCOME FROM DISCONTINUED
OPERATIONS ....................... 450 450 (450) 450
NET INCOME ......................... $47,846 $ 78,441 $(78,441) $ 47,846
F-36