Big Lots 2008 Annual Report Download - page 109
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41
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
2008 2007 2006
Net sales............................................. $4,645,283 $ 4,656,302 $ 4,743,048
Cost of sales.......................................... 2,787,854 2,815,959 2,851,616
Gross margin......................................... 1,857,429 1,840,343 1,891,432
Selling and administrative expenses....................... 1,523,882 1,515,379 1,622,339
Depreciation expense................................... 78,624 88,484 101,279
Operating profit....................................... 254,923 236,480 167,814
Interest expense....................................... (5,282) (2,513) (581)
Interest and investment income........................... 65 5,236 3,257
Income from continuing operations before
income taxes....................................... 249,706 239,203 170,490
Income tax expense .................................... 94,908 88,023 57,872
Income from continuing operations ....................... 154,798 151,180 112,618
Income (loss) from discontinued operations,
net of tax expense (benefit) of ($2,116), $4,726, and $4,445
in fiscal years 2008, 2007, and 2006, respectively ......... (3,251) 7,281 11,427
Net income .......................................... $ 151,547 $ 158,461 $ 124,045
Earnings per common share — basic:
Continuing operations ............................... $ 1.91 $ 1.49 $ 1.02
Discontinued operations.............................. (0.04) 0.07 0.10
$ 1.87 $ 1.56 $ 1.12
Earnings per common share — diluted:
Continuing operations ............................... $ 1.89 $ 1.47 $ 1.01
Discontinued operations.............................. (0.04) 0.07 0.10
$ 1.85 $ 1.55 $ 1.11
The accompanying notes are an integral part of these consolidated financial statements.