Saks Fifth Avenue 2011 Annual Report Download - page 48

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SAKS INCORPORATED & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Fiscal Year Ended
January 28,
2012
January 29,
2011
January 30,
2010
NET SALES .............................................. $3,013,593 $ 2,785,745 $ 2,631,532
Cost of sales (excluding depreciation and amortization) .......... 1,785,419 1,668,487 1,668,097
Gross margin .......................................... 1,228,174 1,117,258 963,435
Selling, general and administrative expenses .................. 767,635 715,951 674,306
Other operating expenses:
Property and equipment rentals .......................... 99,184 98,501 101,756
Depreciation and amortization ........................... 118,540 118,696 135,162
Taxes other than income taxes ........................... 82,767 79,889 75,271
Store pre-opening costs ................................. 1,598 1,038 2,077
Impairments and dispositions .............................. 10,106 13,085 29,348
OPERATING INCOME (LOSS) ............................. 148,344 90,098 (54,485)
Interest expense ......................................... (48,115) (56,725) (49,480)
Gain (loss) on extinguishment of debt ........................ (539) (4) 783
Other income, net ....................................... 2,194 117 1,019
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES ...................................... 101,884 33,486 (102,163)
Provision (benefit) for income taxes ......................... 27,094 (13,910) (44,501)
INCOME (LOSS) FROM CONTINUING OPERATIONS ......... 74,790 47,396 (57,662)
Discontinued operations:
Income (loss) from discontinued operations before income
taxes ................................................ — 693 (395)
Provision (benefit) for income taxes ......................... — 243 (138)
INCOME (LOSS) FROM DISCONTINUED OPERATIONS ....... — 450 (257)
NET INCOME (LOSS) ...................................... $ 74,790 $ 47,846 $ (57,919)
Earnings per common share:
Basic
Income (loss) from continuing operations ................. $ 0.48 $ 0.31 $ (0.40)
Income (loss) from discontinued operations ............... $ — $ — $ —
Net income (loss) .................................... $ 0.48 $ 0.31 $ (0.40)
Diluted
Income (loss) from continuing operations ................. $ 0.45 $ 0.30 $ (0.40)
Income (loss) from discontinued operations ............... $ — $ — $ —
Net income (loss) .................................... $ 0.45 $ 0.30 $ (0.40)
Weighted-average common shares:
Basic ................................................ 155,149 154,325 143,194
Diluted .............................................. 200,237 158,413 143,194
The accompanying notes are an integral part of these consolidated financial statements.
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