Sears 2014 Annual Report Download - page 64

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64
SEARS HOLDINGS CORPORATION
Consolidated Statements of Operations
millions, except per share data 2014 2013 2012
REVENUES
Merchandise sales and services(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 31,198 $ 36,188 $ 39,854
COSTS AND EXPENSES
Cost of sales, buying and occupancy(1). . . . . . . . . . . . . . . . . . . . . . . . 24,049 27,433 29,340
Selling and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,220 9,384 10,660
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 581 732 830
Impairment charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 233 330
Gain on sales of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (207)(667)(468)
Total costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,706 37,115 40,692
Operating loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,508)(927)(838)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (313)(254)(267)
Interest and investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 207 94
Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2 1
Loss before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,685)(972)(1,010)
Income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125)(144)(44)
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,810)(1,116)(1,054)
(Income) loss attributable to noncontrolling interests . . . . . . . . . . . . 128 (249) 124
NET LOSS ATTRIBUTABLE TO HOLDINGS’
SHAREHOLDERS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(1,682) $ (1,365) $ (930)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO
HOLDINGS’ SHAREHOLDERS
Basic loss per share. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(15.82) $ (12.87) $ (8.78)
Diluted loss per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $(15.82) $ (12.87) $ (8.78)
Basic weighted average common shares outstanding. . . . . . . . . . . . . 106.3 106.1 105.9
Diluted weighted average common shares outstanding . . . . . . . . . . . 106.3 106.1 105.9
(1) Includes merchandise sales to Sears Hometown and Outlet Stores, Inc. ("SHO") of $1.4 billion, $1.5 billion and $437 million in 2014, 2013 and 2012, respectively.
Pursuant to the terms of the separation, merchandise is sold to SHO at cost.
(2) Includes revenue from Lands' End, Inc. for retail services and rent for Lands' End Shops at Sears, participation in the Shop Your Way® program and corporate
shared services of $59 million in 2014.
See accompanying Notes to Consolidated Financial Statements.