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 Company's most recent Securities and Exchange Commission filings.
 |
|
| |
2010 |
|
2009** |
|
2008** |
|
2007 |
|
2006* |
|
|
|
|
|
| |
(millions, except per share data) |
| Consolidated Statement of Operations Data: |
|
| Net Sales |
$ 25,003 |
|
$ 23,489 |
|
$ 24,892 |
|
$ 26,313 |
|
$ 26,970 |
|
|
| Cost of sales |
(14,824) |
|
(13,973) |
|
(15,009) |
|
(15,677) |
|
(16,019) |
|
|
| Inventory valuation adjustments - May integration |
- |
|
- |
|
- |
|
- |
|
(178) |
|
|
|
|
|
| Gross margin |
10,179 |
|
9,516 |
|
9,883 |
|
10,636 |
|
10,773 |
|
| Selling, general and administrative expenses |
(8,260) |
|
(8,062) |
|
(8,481) |
|
(8,554) |
|
(8,678) |
|
| Impairments, store closing costs and division consolidation costs |
(25) |
|
(391) |
|
(398) |
|
- |
|
- |
|
| Goodwill impairment charges |
- |
|
- |
|
(5,382) |
|
- |
|
- |
|
| May integration costs |
- |
|
- |
|
- |
|
(219) |
|
(450) |
|
| Gains on sale of accounts receivable |
- |
|
- |
|
- |
|
- |
|
191 |
|
|
|
|
|
| Operating income (loss) |
1,894 |
|
1,063 |
|
(4,378) |
|
1,863 |
|
1,836 |
|
| Interest expense (a) |
(579) |
|
(562) |
|
(588) |
|
(579) |
|
(451) |
|
| Interest income |
5 |
|
6 |
|
28 |
|
36 |
|
61 |
|
|
|
|
|
| Income (loss) from continuing operations before income taxes |
1,320 |
|
507 |
|
(4,938) |
|
1,320 |
|
1,446 |
|
| Federal, state and local income tax benefit (expense) |
(473) |
|
(178) |
|
163 |
|
(411) |
|
(458) |
|
|
|
|
|
| Income (loss) from continuing operations |
847 |
|
329 |
|
(4,775) |
|
909 |
|
988 |
|
| Discontinued operations, net of income taxes (b) |
- |
|
- |
|
- |
|
(16) |
|
7 |
|
|
|
|
|
| Net income (loss) |
$ 847 |
|
$ 329 |
|
$ (4,775) |
|
$ 893 |
|
$ 995 |
|
|
|
|
|
|
| Basic earnings (loss) per share: |
|
| Income (loss) from continuing operations |
$ 2.00 |
|
$ .78 |
|
$ (11.34) |
|
$ 2.04 |
|
$ 1.83 |
|
| Net income (loss) |
2.00 |
|
.78 |
|
(11.34) |
|
2.00 |
|
1.84 |
|
| Diluted earnings (loss) per share: |
|
| Income (loss) from continuing operations |
$ 1.98 |
|
$ .78 |
|
$ (11.34) |
|
$ 2.01 |
|
$ 1.80 |
|
| Net income (loss) |
1.98 |
|
.78 |
|
(11.34) |
|
1.97 |
|
1.81 |
|
| Average number of shares outstanding |
422.2 |
|
420.4 |
|
420.0 |
|
445.6 |
|
539.0 |
|
| Cash dividends paid per share (c) |
$ .2000 |
|
$ .2000 |
|
$ .5275 |
|
$ .5175 |
|
$ .5075 |
|
| Depreciation and amortization |
$ 1,150 |
|
$ 1,210 |
|
$ 1,278 |
|
$ 1,304 |
|
$ 1,265 |
|
| Capital expenditures |
$ 505 |
|
$ 460 |
|
$ 897 |
|
$ 1,105 |
|
$ 1,392 |
|
| Balance Sheet Data (at year end): |
|
| Cash and cash equivalents |
$ 1,464 |
|
$ 1,686 |
|
$ 1,385 |
|
$ 676 |
|
$ 1,294 |
|
| Total assets |
20,631 |
|
21,300 |
|
22,145 |
|
27,789 |
|
29,550 |
|
| Short-term debt |
454 |
|
242 |
|
966 |
|
666 |
|
650 |
|
| Long-term debt |
6,971 |
|
8,456 |
|
8,733 |
|
9,087 |
|
7,847 |
|
| Shareholders' equity |
5,530 |
|
4,653 |
|
4,620 |
|
9,907 |
|
12,254 |
|
|
|
|
|
|
| * | 53 weeks |
| ** | The Company changed its methodology for recording deferred state income taxes from a blended rate basis to a separate entity basis, and
has reflected the effects of such change retroactively to fiscal 2008. Even though the Company considers the chagne to have had only an
immaterial impact on its financial condition, results of operations and cash flows, the financial condition, results of operations and cash
flows for the prior periods as previously reported have been adjusted to reflect the change.
|
| (a) | Interest expense in 2010 includes approximately $66 million of expenses associated with the early retirement of approximately $1,000
million of outstanding debt. Interest expense includes a gain of approximately $54 million in 2006 related to the completion of a debt
tender offer.
|
| (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, and (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.
|
| (c) | Cash dividends paid for 2006 have been adjusted 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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