Kohl's 2012 Annual Report Download - page 43

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F-4
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except per Share Data)
2012 2011 2010
Net sales ................................................................................................................................... $ 19,279 $ 18,804 $ 18,391
Cost of merchandise sold (exclusive of depreciation shown separately below)...................... 12,289 11,625 11,359
Gross margin ............................................................................................................................ 6,990 7,179 7,032
Operating expenses:
Selling, general, and administrative.................................................................................. 4,267 4,243 4,190
Depreciation and amortization.......................................................................................... 833 778 750
Operating income..................................................................................................................... 1,890 2,158 2,092
Interest expense, net................................................................................................................. 329 299 304
Income before income taxes..................................................................................................... 1,561 1,859 1,788
Provision for income taxes....................................................................................................... 575 692 668
Net income ............................................................................................................................... $ 986 $ 1,167 $ 1,120
Net income per share:
Basic.................................................................................................................................. $ 4.19 $ 4.33 $ 3.69
Diluted............................................................................................................................... $ 4.17 $ 4.30 $ 3.66
See accompanying Notes to Consolidated Financial Statements
KOHL’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Millions)
2012 2011 2010
Net income ............................................................................................................................... $ 986 $ 1,167 $ 1,120
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on investments ......................................................................... 513 (1)
Interest rate derivatives:
Unrealized loss arising during period ........................................................................ —(30) —
Reclassification adjustment for interest expense included in net income.................. 31 —
Other comprehensive income (loss).................................................................................. 8(16)(1)
Comprehensive income............................................................................................................ $ 994 $ 1,151 $ 1,119
See accompanying Notes to Consolidated Financial Statements