Macy's 2010 Annual Report Download - page 52

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MACY’S, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(millions, except per share data)
2010 2009 2008
Net sales ........................................................ $25,003 $ 23,489 $ 24,892
Cost of sales ..................................................... (14,824) (13,973) (15,009)
Gross margin .................................................... 10,179 9,516 9,883
Selling, general and administrative expenses ............................ (8,260) (8,062) (8,481)
Impairments, store closing costs and division consolidation costs ........... (25) (391) (398)
Goodwill impairment charges ....................................... – – (5,382)
Operating income (loss) ............................................ 1,894 1,063 (4,378)
Interest expense .................................................. (579) (562) (588)
Interest income ................................................... 5 6 28
Income (loss) before income taxes .................................... 1,320 507 (4,938)
Federal, state and local income tax benefit (expense) ..................... (473) (178) 163
Net income (loss) ................................................. $ 847 $ 329 $ (4,775)
Basic earnings (loss) per share ....................................... $ 2.00 $ .78 $ (11.34)
Diluted earnings (loss) per share ..................................... $ 1.98 $ .78 $ (11.34)
The accompanying notes are an integral part of these Consolidated Financial Statements.
F-4