Express 2011 Annual Report Download - page 62

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EXPRESS, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Amounts in Thousands, Except Per Share Amounts)
2011 2010 2009
NET SALES ............................................... $2,073,355 $1,905,814 $1,721,066
COST OF GOODS SOLD, BUYING AND
OCCUPANCY COSTS ................................. 1,318,894 1,227,490 1,175,088
Gross profit ........................................ 754,461 678,324 545,978
OPERATING EXPENSES:
Selling, general, and administrative expenses .................. 483,823 461,073 409,198
Other operating (income) expense, net ....................... (308) 18,000 9,943
Total operating expenses .............................. 483,515 479,073 419,141
OPERATING INCOME ...................................... 270,946 199,251 126,837
INTEREST EXPENSE ....................................... 35,804 59,493 53,222
INTEREST INCOME ........................................ (12) (16) (484)
OTHER INCOME, NET ...................................... (411) (1,968) (2,444)
INCOME BEFORE INCOME TAXES .......................... 235,565 141,742 76,543
INCOME TAX EXPENSE .................................... 94,868 14,354 1,236
NET INCOME ............................................. $ 140,697 $ 127,388 $ 75,307
OTHER COMPREHENSIVE INCOME:
Foreign currency translation ................................... (7) — —
COMPREHENSIVE INCOME ................................. $ 140,690 $ 127,388 $ 75,307
Pro forma income before income taxes (Note 13, unaudited) ......... $ 141,742 $ 76,543
Pro forma income tax expense (Note 13, unaudited) ................ 58,434 29,622
Pro forma net income (Note 13, unaudited) ....................... $ 83,308 $ 46,921
EARNINGS PER SHARE:
Basic ................................................. $ 1.59 $ 1.49 $ 1.01
Diluted ................................................ $ 1.58 $ 1.48 $ 1.00
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ................................................. 88,596 85,369 74,566
Diluted ................................................ 88,896 86,050 75,604
PRO FORMA EARNINGS PER SHARE (Note 13, unaudited):
Basic ................................................. $ 0.98 $ 0.63
Diluted ................................................ $ 0.97 $ 0.62
PRO FORMA WEIGHTED AVERAGE SHARES
OUTSTANDING (Note 13, unaudited):
Basic ................................................. 85,369 74,566
Diluted ................................................ 86,050 75,604
See notes to consolidated financial statements.
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