Sara Lee 2010 Annual Report Download - page 53

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Sara Lee Corporation and Subsidiaries 51
Consolidated statements of income
Dollars in millions except per share data Years ended July 3, 2010 June 27, 2009 June 28, 2008
Continuing Operations
Net sales $10,793 $10,882 $10,949
Cost of sales 6,692 7,038 7,008
Selling, general and administrative expenses 3,204 3,090 3,232
Net charges for exit activities, asset and business dispositions 84 103 39
Impairment charges 28 314 851
Contingent sale proceeds (133) (150) (130)
Operating income (loss) 918 487 (51)
Interest expense 147 170 185
Interest income (24) (41) (80)
Income (loss) from continuing operations before income taxes 795 358 (156)
Income tax expense 153 133 120
Income (loss) from continuing operations 642 225 (276)
Discontinued Operations
Income (loss) from discontinued operations, net of tax expense of $453, $90 and $81 (199) 155 236
Gain on sale of discontinued operations, net of tax expense of $74, nil and $1 84 – (24)
Net income (loss) 527 380 (64)
Less: Income from noncontrolling interests, net of tax
Continuing operations 754
Discontinued operations 14 11 11
Net income (loss) attributable to Sara Lee $÷÷«506 $÷÷«364 $««««««(79)
Amounts attributable to Sara Lee
Net income (loss) from continuing operations $÷÷«635 $÷÷«220 $÷÷(280)
Net income (loss) from discontinued operations (129) 144 201
Net income (loss) attributable to Sara Lee $÷÷«506 $÷÷«364 $÷÷÷(79)
Income (loss) from continuing operations per share of common stock
Basic $÷÷0.92 $÷÷0.31 $«««(0.39)
Diluted $÷÷0.92 $÷÷0.31 $«««(0.39)
Net income (loss) per share of common stock
Basic $÷÷0.74 $÷÷0.52 $«««(0.11)
Diluted $÷÷0.73 $÷÷0.52 $«««(0.11)
The accompanying Notes to Financial Statements are an integral part of these statements.