Consolidated Statements of Income (Unaudited) (Note 1)
(All amounts in millions except percentages and per share figures)
| |
13 Weeks Ended
July 30, 2011 |
|
13 Weeks Ended
July 31, 2010 |
| |
|
$ |
|
% to
Net Sales |
|
$ |
|
% to
Net Sales |
| |
| Net sales |
|
$5,939 |
|
|
|
$5,537 |
|
|
| |
| Cost of sales (Note 2) |
|
3,457 |
|
58.2% |
|
3,214 |
|
58.1% |
| |
| Gross margin |
|
2,482 |
|
41.8% |
|
2,323 |
|
41.9% |
| |
| Selling, general and administrative expenses |
|
(1,976) |
|
(33.3%) |
|
(1,953) |
|
(35.2%) |
| |
| Operating income |
|
506 |
|
8.5% |
|
370 |
|
6.7% |
| |
| Interest expense - net |
|
(111) |
|
|
|
(130) |
|
|
| |
| Income before income taxes |
|
395 |
|
|
|
240 |
|
|
| |
| Federal, state and local income tax expense (Note
3) |
|
(154) |
|
|
|
(93) |
|
|
| |
| Net income |
|
$241 |
|
|
|
$147 |
|
|
| |
| Basic earnings per share |
|
$.56 |
|
|
|
$.35 |
|
|
| |
| Diluted earnings per share |
|
$.55 |
|
|
|
$.35 |
|
|
| |
| Average common shares: |
| Basic |
|
427.5 |
|
|
|
423.0 |
|
|
| Diluted |
|
434.6 |
|
|
|
426.5 |
|
|
| |
| End of period common shares outstanding |
|
427.4 |
|
|
|
422.2 |
|
|
| |
| Depreciation and amortization expense |
|
$268 |
|
|
|
$288 |
|
|
Notes:
(1) Because of the seasonal nature of the retail business, the results of
operations for the 13 weeks ended July 30, 2011 and July 31, 2010 (which do not
include the Christmas season) are not necessarily indicative of such results for
the fiscal year.
(2) Merchandise inventories are primarily valued at the lower of cost or market
using the last-in, first-out (LIFO) retail inventory method. Application of this
method did not impact cost of sales for the 13 weeks ended July 30, 2011 or July
31, 2010.
(3) Federal, state and local income taxes differ from the federal income tax
statutory rate of 35%, principally because of the effect of state and local
taxes, including the settlement of various tax issues and tax examinations.
Download Excel spreadsheet