|
Consolidated Statements
of Income
(Dollars in millions, except per share data)
|
| |
|
2008 |
|
2007 |
| |
|
$ |
% to
Net sales |
|
$ |
% to
Net sales |
 |
| Net sales |
|
$24,892 |
|
|
$26,313 |
|
|
| Cost of sales |
|
15,009 |
60.3% |
|
15,677 |
59.6% |
|
| Gross margin |
|
9,883 |
39.7% |
|
10,636 |
40.4% |
|
| Selling, general and administrative expenses |
|
(8,481) |
(34.1%) |
|
(8,554) |
(32.5%) |
|
Division consolidation costs and store
closing related costs |
|
(187) |
(0.8%) |
|
- |
-% |
|
| Goodwill impairment charges |
|
(5,382) |
(21.6%) |
|
- |
-% |
|
| Asset impairment charges |
|
(211) |
(0.8%) |
|
- |
-% |
|
| May integration costs |
|
- |
-% |
|
(219) |
(0.8%) |
|
| Operating income (loss)
|
|
(4,378) |
(17.6%) |
|
1,863 |
7.1% |
|
| Interest expense - net |
|
(560) |
|
|
(543) |
|
|
Income (loss) from continuing operations
before income taxes |
|
(4,938) |
|
|
1,320 |
|
|
| Federal, state and local income tax benefit (expense) |
|
135 |
|
|
(411) |
|
|
| Income (loss) from continuing operations |
|
(4,803) |
|
|
909 |
|
|
| Discontinued operations, net of income taxes |
|
- |
|
|
(16) |
|
|
| Net income (loss) |
|
$(4,803) |
|
|
$893 |
|
|
| Basic earnings (loss) per share: |
|
|
| Income (loss) from continuing operations |
|
$(11.40) |
|
|
$2.04 |
|
|
| Loss from discontinued operations |
|
- |
|
|
(.04) |
|
|
| Net income (loss) |
|
$(11.40) |
|
|
$2.00 |
|
|
| Diluted earnings (loss) per share: |
|
|
| Income (loss) from continuing operations |
|
$(11.40) |
|
|
$2.01 |
|
|
| Loss from discontinued operations |
|
- |
|
|
(.04) |
|
|
| Net income (loss) |
|
$(11.40) |
|
|
$1.97 |
|
|