Big Lots 2012 Annual Report Download - page 122
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42
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)
2012 2011 2010
Net sales............................................. $5,400,119 $5,202,269 $4,952,244
Cost of sales (exclusive of depreciation expense
shown separately below) ............................. 3,282,469 3,131,862 2,939,793
Gross margin ......................................... 2,117,650 2,070,407 2,012,451
Selling and administrative expenses ....................... 1,712,910 1,634,532 1,576,500
Depreciation expense................................... 106,286 90,280 78,606
Operating profit ....................................... 298,454 345,595 357,345
Interest expense ....................................... (4,192) (3,530) (2,573)
Other income (expense)................................. 51 (173) 612
Income from continuing operations before income taxes ....... 294,313 341,892 355,384
Income tax expense .................................... 117,148 134,657 132,837
Income from continuing operations........................ 177,165 207,235 222,547
Loss from discontinued operations, net of tax benefit
of $32, $112 and $14 in fiscal years 2012, 2011
and 2010, respectively ............................... (44) (171) (23)
Net income........................................... $ 177,121 $ 207,064 $ 222,524
Earnings per common share - basic
Continuing operations ............................... $ 2.96 $ 3.03 $ 2.87
Discontinued operations.............................. — — —
$ 2.96 $ 3.03 $ 2.87
Earnings per common share - diluted
Continuing operations ............................... $ 2.93 $ 2.99 $ 2.83
Discontinued operations.............................. — — —
$ 2.93 $ 2.98 $ 2.83