Sara Lee 2011 Annual Report Download - page 81
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CONSOLIDATED STATEMENTS OF INCOME
Dollars in millions except per share data Years ended July, 2 2011 July 3, 2010 June 27, 2009
Continuing Operations
Net sales $8,681 $8,339 $8,366
Cost of sales 5,868 5,356 5,614
Selling, general and administrative expenses 2,060 2,183 2,072
Net charges for exit activities, asset and business dispositions 105 84 98
Impairment charges 21 28 314
Contingent sale proceeds – (133) (150)
Operating income 627 821 418
Interest expense 117 138 161
Interest income (32) (23) (41)
Debt extinguishment costs 55––
Income from continuing operations before income taxes 487 706 298
Income tax expense 149 124 114
Income from continuing operations 338 582 184
Discontinued Operations
Income (loss) from discontinued operations net of tax expense (benefit) of $(50), $481 and $109 222 (139) 196
Gain on sale of discontinued operations, net of tax expense of $568, $74 and nil 736 84 –
Net income (loss) from discontinued operations 958 (55) 196
Net income 1,296 527 380
Less: Income from noncontrolling interests, net of tax
Discontinued operations 92116
Net income attributable to Sara Lee $1,287 $«««506 $«««364
Amounts attributable to Sara Lee
Net income from continuing operations $«««338 $«««582 $«««184
Net income (loss) from discontinued operations 949 (76) 180
Net income attributable to Sara Lee $1,287 $«««506 $«««364
Earnings per share of common stock
Basic
Income from continuing operations $««0.54 $««0.85 $««0.26
Net income $««2.07 $««0.74 $««0.52
Diluted
Income from continuing operations $««0.54 $««0.84 $««0.26
Net income $««2.06 $««0.73 $««0.52
The accompanying Notes to Financial Statements are an integral part of these statements.
78/79 Sara Lee Corporation and Subsidiaries