Big Lots 2009 Annual Report Download - page 157
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41
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
The accompanying notes are an integral part of these consolidated financial statements.
2009 2008 2007
Net sales............................................... $ 4,726,772 $ 4,645,283 $ 4,656,302
Cost of sales (exclusive of depreciation expense
shown separately below) ............................... 2,807,466 2,787,854 2,815,959
Gross margin ........................................... 1,919,306 1,857,429 1,840,343
Selling and administrative expenses......................... 1,532,356 1,523,882 1,515,379
Depreciation expense..................................... 74,904 78,624 88,484
Gain on sale of real estate ................................. (12,964 ) — —
Operating profit......................................... 325,010 254,923 236,480
Interest expense ......................................... (1,840 ) (5,282 ) (2,513 )
Interest and investment income............................. 175 65 5,236
Income from continuing operations before income taxes ........ 323,345 249,706 239,203
Income tax expense ...................................... 121,975 94,908 88,023
Income from continuing operations ......................... 201,370 154,798 151,180
Income (loss) from discontinued operations, net of tax expense
(benefit) of ($656), ($2,116), and $4,726 in fiscal
years 2009, 2008, and 2007, respectively .................. (1,001 ) (3,251 ) 7,281
Net income............................................. $ 200,369 $ 151,547 $ 158,461
Earnings per common share — basic:
Continuing operations ................................. $ 2.47 $ 1.91 $ 1.49
Discontinued operations................................ (0.01 ) (0.04 ) 0.07
$ 2.45 $ 1.87 $ 1.56
Earnings per common share — diluted:
Continuing operations ................................. $ 2.44 $ 1.89 $ 1.47
Discontinued operations................................ (0.01 ) (0.04 ) 0.07
$ 2.42 $ 1.85 $ 1.55