Barnes and Noble 2005 Annual Report Download - page 13

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The following table sets forth, for the periods indicated, the percentage relationship that certain items bear to total sales
of the Company:
Fiscal Year 2005 2004 2003
Sales
100.0% 100.0% 100.0%
Cost of sales and occupancy
69.2 69.5 70.0
Gross margin
30.8 30.5 30.0
Selling and administrative expenses
22.2 21.6 20.8
Depreciation and amortization
3.4 3.7 3.8
Pre-opening expenses
0.2 0.2 0.2
Operating margin
4.9 5.0 5.2
Interest expense, net and amortization of deferred financing fees
— (0.2) (0.5)
Debt redemption charge
— (0.3) —
Equity in net loss of Barnes & Noble.com
— — (0.3)
Earnings before income taxes and minority interest
4.9 4.5 4.4
Income taxes
2.0 1.9 1.8
Income before minority interest
2.9 2.6 2.6
Minority interest
— (0.1) (0.1)
Income from continuing operations
2.9% 2.5% 2.5%
[MANAGEMENT’S DISCUSSION AND
ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS continued ]
12
2005 Annual ReportBarnes & Noble, Inc.