Saks Fifth Avenue 2011 Annual Report Download - page 80

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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 28, 2012
Saks
Incorporated
Guarantor
Subsidiaries Eliminations Consolidated
NET SALES ............................ $ 3,013,593 $ 3,013,593
Cost of sales (excluding depreciation and
amortization) ........................ 1,785,419 1,785,419
Gross margin ........................ 1,228,174 1,228,174
Selling, general and administrative
expenses ........................... $ 1,885 765,750 767,635
Other operating expenses ................ 22 300,469 300,491
Store pre-opening costs ................. 1,598 1,598
Impairments and dispositions ............. 10,106 10,106
Operating income (loss) ............... (1,907) 150,251 — 148,344
Equity in earnings of subsidiaries .......... 100,464 $ (100,464) —
Interest expense ....................... (41,864) (6,251) (48,115)
Loss on extinguishment of debt ........... (539) (539)
Other income, net ...................... 2,194 2,194
INCOME BEFORE INCOME TAXES ........ 58,348 144,000 (100,464) 101,884
Provision (benefit) for income taxes ........ (16,442) 43,536 27,094
NET INCOME .......................... $ 74,790 $ 100,464 $ (100,464) $ 74,790
F-35