Sara Lee 2008 Annual Report Download - page 41

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Sara Lee Corporation and Subsidiaries 39
Consolidated Statements of Income
Dollars in millions except per share data Years ended June 28, 2008 June 30, 2007 July 1, 2006
Continuing Operations
Net sales $13,212 $11,983 $11,175
Cost of sales 8,154 7,370 6,857
Selling, general and administrative expenses 4,039 3,905 3,737
Net charges for exit activities, asset and business dispositions 38 94 86
Impairment charges 851 172 193
Contingent sale proceeds (130) (120) (114)
Interest expense 187 261 302
Interest income (87) (128) (75)
13,052 11,554 10,986
Income from continuing operations before income taxes 160 429 189
Income tax expense (benefit) 201 (11) 158
Income (loss) from continuing operations (41) 440 31
Discontinued Operations
Net income (loss) from discontinued operations, net of tax expense of nil, $34, and $21 (14) 48 123
Gain (loss) on sale of discontinued operations, net of tax expense (benefit) of $1, $(11), and $65 (24) 16 401
Net income (loss) $««««««(79) $«««««504 $«««««555
Income (loss) from continuing operations per share of common stock
Basic $«««(0.06) $««««0.59 $««««0.04
Diluted $«««(0.06) $««««0.59 $««««0.04
Net income (loss) per share of common stock
Basic $«««(0.11) $««««0.68 $««««0.72
Diluted $«««(0.11) $««««0.68 $««««0.72
The accompanying Notes to Financial Statements are an integral part of these statements.