Kohl's 2008 Annual Report Download - page 43

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KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Data)
2008 2007 2006
Net sales .......................................................... $16,389 $16,474 $15,597
Cost of merchandise sold (exclusive of depreciation shown separately below) . . . 10,334 10,460 9,922
Gross margin ...................................................... 6,055 6,014 5,675
Operating expenses:
Selling, general, and administrative ................................. 3,936 3,697 3,422
Depreciation and amortization ..................................... 541 452 388
Preopening expenses ............................................ 42 61 50
Operating income ................................................... 1,536 1,804 1,815
Other expense (income):
Interest expense ................................................ 132 82 67
Interest income ................................................. (21) (20) (26)
Income before income taxes ........................................... 1,425 1,742 1,774
Provision for income taxes ............................................ 540 658 665
Net income ........................................................ $ 885 $ 1,084 $ 1,109
Net income per share:
Basic ......................................................... $ 2.89 $ 3.41 $ 3.34
Diluted ....................................................... $ 2.89 $ 3.39 $ 3.31
See accompanying Notes to Consolidated Financial Statements
F-4