Saks Fifth Avenue 2011 Annual Report Download - page 83

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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 29, 2011
Saks
Incorporated
Guarantor
Subsidiaries Eliminations Consolidated
NET SALES .................................... $ 2,785,745 $ 2,785,745
Cost of sales (excluding depreciation and
amortization) ................................ 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
Equity in earnings of subsidiaries ................... 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 INCOME TAXES ................... 26,153 85,324 (77,991) 33,486
Provision (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, net of tax .......... 450 (450)
Income from discontinued operations before 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-38