Sears 2013 Annual Report Download - page 25

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25
Holdings' Consolidated Results
Holdings' consolidated results of operations for 2013, 2012 and 2011 are summarized as follows:
millions, except per share data 2013 2012 2011
REVENUES
Merchandise sales and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,188 $ 39,854 $ 41,567
COSTS AND EXPENSES
Cost of sales, buying and occupancy . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,433 29,340 30,966
Gross margin dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,755 10,514 10,601
Gross margin rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.2% 26.4% 25.5%
Selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,384 10,660 10,664
Selling and administrative expense as a percentage of revenues. . . . . . 25.9% 26.7% 25.7%
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 732 830 853
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233 330 649
Gain on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (667)(468)(64)
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,115 40,692 43,068
Operating loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (927)(838)(1,501)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (254)(267)(289)
Interest and investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207 94 41
Other income (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 (2)
Loss from continuing operations before income taxes. . . . . . . . . . . . . . (972)(1,010)(1,751)
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (144)(44)(1,369)
Loss from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,116)(1,054)(3,120)
Loss from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . — — (27)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,116)(1,054)(3,147)
(Income) loss attributable to noncontrolling interests . . . . . . . . . . . . . . (249) 124 7
NET LOSS ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,365) $ (930) $ (3,140)
Amounts attributable to Holdings’ shareholders:
Loss from continuing operations, net of tax. . . . . . . . . . . . . . . . . . . . . . $(1,365) $ (930) $ (3,113)
Loss from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . — — (27)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,365) $ (930) $ (3,140)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO
HOLDINGS’ SHAREHOLDERS
Diluted loss per share from continuing operations. . . . . . . . . . . . . . . . . $(12.87) $ (8.78) $ (29.15)
Diluted loss per share from discontinued operations . . . . . . . . . . . . . . . — — (0.25)
$(12.87) $ (8.78) $ (29.40)
Diluted weighted average common shares outstanding . . . . . . . . . . . . . 106.1 105.9 106.8