Saks Fifth Avenue 2010 Annual Report Download - page 89

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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 ....................... 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