Sears 2012 Annual Report Download - page 56

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56
SEARS HOLDINGS CORPORATION
Consolidated Statements of Operations
millions, except per share data 2012 2011 2010
REVENUES
Merchandise sales and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39,854 $ 41,567 $ 42,664
COSTS AND EXPENSES
Cost of sales, buying and occupancy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,340 30,966 31,000
Selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,660 10,664 10,425
Depreciation and amortization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 830 853 869
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 649 —
Gain on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (468)(64)(67)
Total costs and expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,692 43,068 42,227
Operating income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (838)(1,501) 437
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (267)(289)(293)
Interest and investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 41 36
Other income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1(2)(14)
Income (loss) from continuing operations before income taxes . . . . . . . . . . (1,010)(1,751) 166
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (44)(1,369)(27)
Income (loss) from continuing operations. . . . . . . . . . . . . . . . . . . . . . . . . . . (1,054)(3,120) 139
Income (loss) from discontinued operations, net of tax. . . . . . . . . . . . . . . . . —(27) 11
Net income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,054)(3,147) 150
(Income) loss attributable to noncontrolling interests . . . . . . . . . . . . . . . . . . 124 7 (17)
NET INCOME (LOSS) ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(930) $ (3,140) $ 133
Amounts attributable to Holdings’ shareholders: . . . . . . . . . . . . . . . . . . . . .
Income (loss) from continuing operations, net of tax . . . . . . . . . . . . . . . . . . $(930) $ (3,113) $ 122
Income (loss) from discontinued operations, net of tax. . . . . . . . . . . . . . . . . —(27) 11
Net income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(930) $ (3,140) $ 133
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE
TO HOLDINGS’ SHAREHOLDERS
Basic:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(8.78) $ (29.15) $ 1.09
Discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(0.25) 0.10
$(8.78) $ (29.40) $ 1.19
Diluted:
Continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(8.78) $ (29.15) $ 1.09
Discontinued operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —(0.25) 0.10
$(8.78) $ (29.40) $ 1.19
Basic weighted average common shares outstanding . . . . . . . . . . . . . . . . . . 105.9 106.8 111.5
Diluted weighted average common shares outstanding. . . . . . . . . . . . . . . . . 105.9 106.8 111.7
See accompanying Notes to Consolidated Financial Statements.