Foot Locker 2007 Annual Report Download - page 43

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27
See Accompanying Notes to Consolidated Financial Statements.
CONSOLIDATED STATEMENTS OF OPERATIONS
2007 2006 2005
(in millions, except per share amounts)
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,437 $5,750 $5,653
Costs and expenses
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,017 4,014 3,944
Selling, general and administrative expenses. . . . . . . . . . . . . . . . . . . . . . . 1,176 1,163 1,129
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 175 171
Impairment charges and store closing program costs . . . . . . . . . . . . . . . . . 128 17 —
Interest expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 10
5,488 5,372 5,254
Other income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (14) (6)
5,487 5,358 5,248
(Loss) Income from continuing operations before income taxes. . . . . . . . . (50) 392 405
Income tax (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (99) 145 142
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 247 263
Income on disposal of discontinued operations,
net of income tax expense (benefit) of $1, $1, and $(3), respectively . . 2 3 1
Cumulative effect of accounting change,
net of income tax benefit of $ — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1 —
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 51 $251 $264
Basic earnings per share:
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.32 $ 1.59 $1.70
Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . 0.01 0.02 0.01
Cumulative effect of accounting change. . . . . . . . . . . . . . . . . . . . . . . . — 0.01 —
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.33 $ 1.62 $1.71
Diluted earnings per share:
Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.32 $ 1.58 $1.67
Income from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . 0.01 0.02 0.01
Cumulative effect of accounting change. . . . . . . . . . . . . . . . . . . . . . . . — — —
Net income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.33 $ 1.60 $ 1.68