Big Lots 2010 Annual Report Download - page 113
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39
The accompanying notes are an integral part of these consolidated financial statements.
BIG LOTS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share amounts)
2010 2009 2008
Net sales............................................ $ 4,952,244 $ 4,726,772 $ 4,645,283
Cost of sales (exclusive of depreciation expense
shown separately below) ............................ 2,939,793 2,807,466 2,787,854
Gross margin ........................................ 2,012,451 1,919,306 1,857,429
Selling and administrative expenses ...................... 1,576,500 1,532,356 1,523,882
Depreciation expense.................................. 78,606 74,904 78,624
Gain on sale of real estate .............................. — (12,964) —
Operating profit ...................................... 357,345 325,010 254,923
Interest expense ...................................... (2,573) (1,840) (5,282)
Interest and investment income.......................... 612 175 65
Income from continuing operations before income taxes...... 355,384 323,345 249,706
Income tax expense ................................... 132,837 121,975 94,908
Income from continuing operations ...................... 222,547 201,370 154,798
Loss from discontinued operations, net of tax benefit
of $14, $656, and $2,116 in fiscal years 2010, 2009,
and 2008, respectively .............................. (23) (1,001) (3,251)
Net income.......................................... $ 222,524 $ 200,369 $ 151,547
Earnings per common share — basic:
Continuing operations .............................. $ 2.87 $ 2.47 $ 1.91
Discontinued operations............................. — (0.01) (0.04)
$ 2.87 $ 2.45 $ 1.87
Earnings per common share — diluted:
Continuing operations .............................. $ 2.83 $ 2.44 $ 1.89
Discontinued operations............................. — (0.01) (0.04)
$ 2.83 $ 2.42 $ 1.85