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The selected financial data set forth below should be read in conjunction with the audited financial statements, including the related notes and other financial information contained in the Form 10-K for the period ending January 31, 2009.
 |
|
| |
2008 |
|
2007 |
|
2006* |
|
2005** |
|
2004 |
|
|---|
|
|
|
| |
(millions, except per share data) |
| Consolidated Statement of Operations Data: |
|
| Net Sales |
$ 24,892 |
|
$ 26,313 |
|
$ 26,970 |
|
$ 22,390 |
|
$ 15,776 |
|
| Cost of sales |
(15,009) |
|
(15,677) |
|
(16,019) |
|
(13,272) |
|
(9,382) |
|
| Inventory valuation adjustments - May integration |
- |
|
- |
|
(178) |
|
(25) |
|
- |
|
|
|
|
|
| Gross margin |
9,883 |
|
10,636 |
|
10,773 |
|
9,093 |
|
6,394 |
|
| Selling, general and administrative expenses |
(8,481) |
|
(8,554) |
|
(8,678) |
|
(6,980) |
|
(4,994) |
|
| Division consolidation costs and store closing related costs |
(187) |
|
- |
|
- |
|
- |
|
- |
|
| Asset impairment charges |
(211) |
|
- |
|
- |
|
- |
|
- |
|
| Goodwill impairment charges |
(5,382) |
|
- |
|
- |
|
- |
|
- |
|
| May integration costs |
- |
|
(219) |
|
(450) |
|
(169) |
|
- |
|
| Gains on sale of accounts receivable |
- |
|
- |
|
191 |
|
480 |
|
- |
|
|
|
|
|
| Operating income (loss) |
(4,378) |
|
1,863 |
|
1,836 |
|
2,424 |
|
1,400 |
|
| Interest expense (a) |
(588) |
|
(579) |
|
(451) |
|
(422) |
|
(299) |
|
| Interest income |
28 |
|
36 |
|
61 |
|
42 |
|
15 |
|
|
|
|
|
Income (loss) from continuing operations
before income taxes. |
(4,938) |
|
1,320 |
|
1,446 |
|
2,044 |
|
1,116 |
|
| Federal, state and local income tax benefit (expense) |
135 |
|
(411) |
|
(458) |
|
(671) |
|
(427) |
|
|
|
|
|
| Income (loss) from continuing operations |
(4,803) |
|
909 |
|
988 |
|
1,373 |
|
689 |
|
| Discontinued operations, net of income taxes (b) |
- |
|
(16) |
|
7 |
|
33 |
|
- |
|
|
|
|
|
| Net income (loss) |
$ (4,803) |
|
$ 893 |
|
$ 995 |
|
$ 1,406 |
|
$ 689 |
|
|
|
|
|
|
| Basic earnings (loss) per share: (c) |
|
| Income (loss) from continuing operations |
$ (11.40) |
|
$ 2.04 |
|
$ 1.83 |
|
$ 3.22 |
|
$ 1.97 |
|
| Net income (loss) |
(11.40) |
|
2.00 |
|
1.84 |
|
3.30 |
|
1.97 |
|
| Diluted earnings (loss) per share: (c) |
|
| Income (loss) from continuing operations |
$ (11.40) |
|
$ 2.01 |
|
$ 1.80 |
|
$ 3.16 |
|
$ 1.93 |
|
| Net income (loss) |
(11.40) |
|
1.97 |
|
1.81 |
|
3.24 |
|
1.93 |
|
| Average number of shares outstanding (c) |
420.0 |
|
445.6 |
|
539.0 |
|
425.2 |
|
349.0 |
|
| Cash dividends paid per share (c) |
$ .5275 |
|
$ .5175 |
|
$ .5075 |
|
$ .385 |
|
$ .265 |
|
| Depreciation and amortization |
$ 1,278 |
|
$ 1,304 |
|
$ 1,265 |
|
$ 976 |
|
$ 737 |
|
| Capital expenditures |
$ 897 |
|
$ 1,105 |
|
$ 1,392 |
|
$ 656 |
|
$ 548 |
|
| Balance Sheet Data (at year end): |
|
| Cash and cash equivalents |
$ 1,306 |
|
$ 583 |
|
$ 1,211 |
|
$ 248 |
|
$ 868 |
|
| Total assets |
22,145 |
|
27,789 |
|
29,550 |
|
33,168 |
|
14,885 |
|
| Short-term debt |
966 |
|
666 |
|
650 |
|
1,323 |
|
1,242 |
|
| Long-term debt |
8,733 |
|
9,087 |
|
7,847 |
|
8,860 |
|
2,637 |
|
| Shareholders' equity |
4,646 |
|
9,907 |
|
12,254 |
|
13,519 |
|
6,167 |
|
|
|
|
|
|
| * | 53 weeks |
| ** | The May Department Stores Company was acquired August 30, 2005 and the results of the acquired operations have been included in the Company's results of operations from the date of the acquisition. |
| (a) | Interest expense includes a gain of approximately $54 million in 2006 related to the completion of a debt tender offer and a cost of approximately $59 million in 2004 associated with repurchases of the Company's long-term debt. |
| (b) | Discontinued operations include (1) for 2007, the after-tax results of the After
Hours Formalwear business, including an after-tax loss of $7 million on the disposal of After Hours Formalwear, (2) for 2006, the after-tax results of operations of the Lord & Taylor division and the Bridal Group division (including David's Bridal, After Hours Formalwear, and Priscilla of Boston), including after-tax losses of $38 million and $18 million on the disposals of the Lord & Taylor division and the David's Bridal and Priscilla of Boston businesses, respectively, and (3) for 2005, the after-tax results of operations of the Lord & Taylor division and the Bridal Group division. |
| (c) | Share and per share amounts have been adjusted as appropriate to reflect the two-for-one stock-split effected in the form of a stock dividend distributed on June 9, 2006. |
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