Saks Fifth Avenue 2010 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2010 Saks Fifth Avenue annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 31, 2009
(In Thousands)
SAKS
INCORPORATED
GUARANTOR
SUBSIDIARIES ELIMINATIONS CONSOLIDATED
NET SALES ...................... $3,043,438 $3,043,438
Cost of sales ....................... 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