Saks Fifth Avenue 2011 Annual Report Download - page 86

Download and view the complete annual report

Please find page 86 of the 2011 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 91

  • 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

SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED JANUARY 30, 2010
Saks
Incorporated
Guarantor
Subsidiaries Eliminations Consolidated
NET SALES .............................. $ 2,631,532 $ 2,631,532
Cost of sales (excluding depreciation and
amortization) .......................... 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)
Equity in earnings of subsidiaries ............ (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 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, net of tax .... (257) 257
Loss from discontinued operations before
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-41