Express 2012 Annual Report Download - page 54

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EXPRESS, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Amounts in Thousands, Except Per Share Amounts)
2012 2011 2010
NET SALES ............................................... $2,148,069 $2,073,355 $1,905,814
COST OF GOODS SOLD, BUYING AND
OCCUPANCY COSTS ................................. 1,405,430 1,318,894 1,227,490
Gross profit ........................................ 742,639 754,461 678,324
OPERATING EXPENSES:
Selling, general, and administrative expenses .................. 491,599 483,823 461,073
Other operating (income) expense, net ....................... (523) (308) 18,000
Total operating expenses .............................. 491,076 483,515 479,073
OPERATING INCOME ...................................... 251,563 270,946 199,251
INTEREST EXPENSE ....................................... 19,555 35,804 59,493
INTEREST INCOME ........................................ (3) (12) (16)
OTHER EXPENSE (INCOME), NET ........................... 40 (411) (1,968)
INCOME BEFORE INCOME TAXES .......................... 231,971 235,565 141,742
INCOME TAX EXPENSE .................................... 92,704 94,868 14,354
NET INCOME ............................................. $ 139,267 $ 140,697 $ 127,388
OTHER COMPREHENSIVE INCOME:
Foreign currency translation ................................... (13) (7) —
COMPREHENSIVE INCOME ................................. $ 139,254 $ 140,690 $ 127,388
Pro forma income before income taxes (Note 13, unaudited) ......... $ 141,742
Pro forma income tax expense (Note 13, unaudited) ................ 58,434
Pro forma net income (Note 13, unaudited) ....................... $ 83,308
EARNINGS PER SHARE:
Basic ................................................. $ 1.60 $ 1.59 $ 1.49
Diluted ................................................ $ 1.60 $ 1.58 $ 1.48
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ................................................. 86,852 88,596 85,369
Diluted ................................................ 87,206 88,896 86,050
PRO FORMA EARNINGS PER SHARE (Note 13, unaudited):
Basic ................................................. $ 0.98
Diluted ................................................ $ 0.97
PRO FORMA WEIGHTED AVERAGE SHARES
OUTSTANDING (Note 13, unaudited):
Basic ................................................. 85,369
Diluted ................................................ 86,050
See notes to consolidated financial statements.
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