Consolidated Statements of Income for Macy's, Inc., 2011-2012 (in millions, except per share data) 2012 2011 Net sales Cost of sales Gross margin Selling, general, and administrative expenses Impairments, store closing costs and gain on sale of leases Operating income Interest expense Premium on early retirement of debt Interest income Income before income taxes Federal, state, and local income tax expense Net income Basic earnings per share Diluted earnings per share $ 27686 (16538) 11,148 (8,482) (5) 2,661 (425) S 26405 (15,738) 10,667 (8,281) 25 2,411 (447) (137) 2,102 (767) 1,335 $ 3.29 $ 3.24 1,968 (712) 1,256 $ 2.96 $ 2.92