Sears 2011 Annual Report Download - page 54

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SEARS HOLDINGS CORPORATION
Consolidated Statements of Operations
millions, except per share data 2011 2010 2009
REVENUES
Merchandise sales and services ........................................ $41,567 $42,664 $43,360
COSTS AND EXPENSES
Cost of sales, buying and occupancy .................................... 30,966 31,000 31,374
Selling and administrative ............................................ 10,664 10,425 10,499
Depreciation and amortization ......................................... 853 869 894
Impairment charges ................................................. 649 — —
Gain on sales of assets ............................................... (64) (67) (74)
Total costs and expenses ......................................... 43,068 42,227 42,693
Operating income (loss) .............................................. (1,501) 437 667
Interest expense .................................................... (289) (293) (248)
Interest and investment income ........................................ 41 36 33
Other loss, net ...................................................... (2) (14) (61)
Income (loss) from continuing operations before income taxes ............... (1,751) 166 391
Income tax expense ................................................. (1,369) (27) (111)
Income (loss) from continuing operations ................................ (3,120) 139 280
Income (loss) from discontinued operations, net of tax ...................... (27) 11 17
Net income (loss) ................................................... (3,147) 150 297
(Income) loss attributable to noncontrolling interests ....................... 7 (17) (62)
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS ............................................... $(3,140) $ 133 $ 235
Amounts attributable to Holdings’ shareholders:
Income (loss) from continuing operations, net of tax ....................... $(3,113) $ 122 $ 218
Income (loss) from discontinued operations, net of tax ...................... (27) 11 17
Net income (loss) ................................................... $(3,140) $ 133 $ 235
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO
HOLDINGS’ SHAREHOLDERS
Basic:
Continuing operations ............................................... $(29.15) $ 1.09 $ 1.85
Discontinued operations .............................................. (0.25) 0.10 0.14
$ (29.40) $ 1.19 $ 1.99
Diluted:
Continuing operations ............................................... $(29.15) $ 1.09 $ 1.85
Discontinued operations .............................................. (0.25) 0.10 0.14
$ (29.40) $ 1.19 $ 1.99
Basic weighted average common shares outstanding ....................... 106.8 111.5 117.8
Diluted weighted average common shares outstanding ...................... 106.8 111.7 117.9
See accompanying Notes to Consolidated Financial Statements.
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