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Condensed Consolidating Financial Information (Tables)
 6 Months Ended 12 Months Ended
Jul. 28, 2012
Jul. 30, 2011
Jan. 28, 2012
Condensed Consolidating Financial Information [Abstract]      
Condensed Consolidating Balance Sheets
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET AS OF JULY 28, 2012
(Dollar amounts in thousands)
(Unaudited)
 

               
    Saks Guarantor      
    Incorporated Subsidiaries Eliminations Consolidated
ASSETS           
Current assets           
 Cash and cash equivalents$ 134,718 $ 4,263    $ 138,981
 Merchandise inventories     749,087      749,087
 Other current assets     86,852      86,852
 Deferred income taxes, net     99,407      99,407
  Total current assets  134,718   939,609   ―   1,074,327
Property and equipment, net     872,070      872,070
Deferred income taxes, net  111,927   9,675      121,602
Other assets   8,204   16,612      24,816
Investment in and advances to subsidiaries  1,229,701    $ (1,229,701)   ―
TOTAL ASSETS$ 1,484,550 $ 1,837,966 $ (1,229,701) $ 2,092,815
LIABILITIES AND SHAREHOLDERS' EQUITY           
Current liabilities           
 Trade accounts payable   $ 132,990    $ 132,990
 Accrued expenses and other current liabilities$ 3,936   260,057      263,993
 Current portion of long-term debt     8,905      8,905
  Total current liabilities  3,936   401,952   ―   405,888
Long-term debt  329,424   44,924      374,348
Other long-term liabilities     161,389      161,389
Investment by and advances from parent     1,229,701 $ (1,229,701)   ―
Shareholders' equity  1,151,190         1,151,190
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 1,484,550 $ 1,837,966 $ (1,229,701) $ 2,092,815
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET AS OF JULY 30, 2011
(Dollar amounts in thousands)
(Unaudited)

 

               
    Saks Guarantor      
    Incorporated Subsidiaries Eliminations Consolidated
ASSETS           
Current assets           
 Cash and cash equivalents$ 284,076 $ 9,901    $ 293,977
 Merchandise inventories     689,223      689,223
 Other current assets     83,492      83,492
 Deferred income taxes, net     66,434      66,434
  Total current assets  284,076   849,050   ―   1,133,126
Property and equipment, net     872,372      872,372
Deferred income taxes, net  98,312   62,758      161,070
Other assets   12,171   16,412      28,583
Investment in and advances to subsidiaries  1,252,162    $ (1,252,162)   ―
TOTAL ASSETS$ 1,646,721 $ 1,800,592 $ (1,252,162) $ 2,195,151
LIABILITIES AND SHAREHOLDERS' EQUITY           
Current liabilities           
 Trade accounts payable   $ 143,593    $ 143,593
 Accrued expenses and other current liabilities$ 8,456   211,622      220,078
 Current portion of long-term debt  141,557   6,907      148,464
  Total current liabilities  150,013   362,122   ―   512,135
Long-term debt  315,874   48,258      364,132
Other long-term liabilities     138,050      138,050
Investment by and advances from parent     1,252,162 $ (1,252,162)   ―
Shareholders' equity  1,180,834         1,180,834
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 1,646,721 $ 1,800,592 $ (1,252,162) $ 2,195,151
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEET AT JANUARY 28, 2012
(Dollar amounts in thousands)
(Unaudited)
 

               
    Saks Guarantor      
    Incorporated Subsidiaries Eliminations Consolidated
ASSETS           
Current assets           
 Cash and cash equivalents$ 195,449 $ 4,727    $ 200,176
 Merchandise inventories     721,887      721,887
 Other current assets     78,139      78,139
 Deferred income taxes, net     85,472      85,472
  Total current assets  195,449   890,225   ―   1,085,674
Property and equipment, net     875,431      875,431
Deferred income taxes, net  104,343   36,112      140,455
Other assets   12,171   14,734      26,905
Investment in and advances to subsidiaries  1,221,270    $ (1,221,270)   ―
TOTAL ASSETS$ 1,533,233 $ 1,816,502 $ (1,221,270) $ 2,128,465
LIABILITIES AND SHAREHOLDERS' EQUITY           
Current liabilities           
 Trade accounts payable   $ 115,893    $ 115,893
 Accrued expenses and other current liabilities$ 3,935   269,412      273,347
 Current portion of long-term debt     7,472      7,472
  Total current liabilities  3,935   392,777   ―   396,712
Long-term debt  322,514   45,448      367,962
Other long-term liabilities     157,007      157,007
Investment by and advances from parent     1,221,270 $ (1,221,270)   ―
Shareholders' equity  1,206,784         1,206,784
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$ 1,533,233 $ 1,816,502 $ (1,221,270) $ 2,128,465
Condensed Consolidating Statements of Income
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(Dollar amounts in thousands)
(Unaudited)
 

              
   Three Months Ended July 28, 2012
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET SALES   $ 704,115    $ 704,115
Cost of sales (excluding depreciation and amortization)     442,034      442,034
 Gross margin  ―   262,081   ―   262,081
Selling, general and administrative expenses$ 503   190,227      190,730
Other operating expenses  6   77,305      77,311
Store pre-opening costs     3,217      3,217
Impairments and dispositions     4,680      4,680
 Operating loss  (509)   (13,348)   ―   (13,857)
Equity in earnings of subsidiaries  (7,451)    $ 7,451   ―
Interest expense  (8,064)   (1,488)      (9,552)
Other income, net  624         624
 LOSS BEFORE INCOME TAXES  (15,400)   (14,836)   7,451   (22,785)
Benefit for income taxes  (3,103)   (7,385)      (10,488)
NET LOSS$ (12,297) $ (7,451) $ 7,451 $ (12,297)
              
              
              
   Six Months Ended July 28, 2012
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET SALES   $ 1,457,722    $ 1,457,722
Cost of sales (excluding depreciation and amortization)     861,176      861,176
 Gross margin  ―   596,546   ―   596,546
Selling, general and administrative expenses$ 901   379,853      380,754
Other operating expenses  11   155,689      155,700
Store pre-opening costs     4,063      4,063
Impairments and dispositions     4,990      4,990
 Operating income (loss)  (912)   51,951   ―   51,039
Equity in earnings of subsidiaries  29,289    $ (29,289)   ―
Interest expense  (16,022)   (2,937)      (18,959)
Other income, net  1,447         1,447
 INCOME BEFORE INCOME TAXES  13,802   49,014   (29,289)   33,527
Provision (benefit) for income taxes  (6,046)   19,725      13,679
NET INCOME$ 19,848 $ 29,289 $ (29,289) $ 19,848
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
(Dollar amounts in thousands)
(Unaudited)

 

   Three Months Ended July 30, 2011
   Saks Guarantor      
   Incorporated Subsidiaries Eliminations Consolidated
NET SALES   $ 670,180    $ 670,180
Cost of sales (excluding depreciation and amortization)     415,635      415,635
 Gross margin  ―   254,545   ―   254,545
Selling, general and administrative expenses$ 486   182,958      183,444
Other operating expenses  6   74,353      74,359
Store pre-opening costs     413      413
Impairments and dispositions     166      166
 Operating loss  (492)   (3,345)   ―   (3,837)
Equity in earnings of subsidiaries  (2,435)    $ 2,435   ―
Interest expense  (9,950)   (3,093)      (13,043)
Other income, net  463         463
 LOSS BEFORE INCOME TAXES  (12,414)   (6,438)   2,435   (16,417)
Benefit for income taxes  (4,045)   (4,003)      (8,048)
NET LOSS$ (8,369) $ (2,435) $ 2,435 $ (8,369)
              
              
   Six Months Ended July 30, 2011
   Saks Guarantor      
   Incorporated Subsidiaries Eliminations Consolidated
NET SALES   $ 1,396,178    $ 1,396,178
Cost of sales (excluding depreciation and amortization)     821,699      821,699
 Gross margin  ―   574,479   ―   574,479
Selling, general and administrative expenses$ 857   360,958      361,815
Other operating expenses  11   152,476      152,487
Store pre-opening costs     547      547
Impairments and dispositions     3,034      3,034
 Operating income (loss)  (868)   57,464   ―   56,596
Equity in earnings of subsidiaries  33,323    $ (33,323)   ―
Interest expense  (22,026)   (4,613)      (26,639)
Loss on extinguishment of debt  (539)         (539)
Other income, net  996         996
 INCOME BEFORE INCOME TAXES  10,886   52,851   (33,323)   30,414
Provision (benefit) for income taxes  (9,154)   19,528      10,374
NET INCOME$ 20,040 $ 33,323 $ (33,323) $ 20,040
  
Condensed Consolidating Statements of Comprehensive Income
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(Dollar amounts in thousands)
(Unaudited)

 

              
   Three Months Ended July 28, 2012
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET LOSS$ (12,297) $ (7,451) $ 7,451 $ (12,297)
Other comprehensive income:            
 Defined benefit plans:           
  Amortization of net loss included in net periodic benefit cost,            
   net of a tax benefit of $274  415   415   (415)   415
Other comprehensive income, net of tax  415   415   (415)   415
COMPREHENSIVE LOSS$ (11,882) $ (7,036) $ 7,036 $ (11,882)
              
              
              
   Six Months Ended July 28, 2012
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET INCOME$ 19,848 $ 29,289 $ (29,289) $ 19,848
Other comprehensive income:            
 Defined benefit plans:           
  Amortization of net loss included in net periodic benefit cost,            
   net of a tax benefit of $563  852   852   (852)   852
Other comprehensive income, net of tax  852   852   (852)   852
COMPREHENSIVE INCOME$ 20,700 $ 30,141 $ (30,141) $ 20,700
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
(Dollar amounts in thousands)
(Unaudited)

 

              
   Three Months Ended July 30, 2011
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET LOSS$ (8,369) $ (2,435) $ 2,435 $ (8,369)
Other comprehensive income:            
 Defined benefit plans:           
  Amortization of net loss included in net periodic benefit cost,            
   net of a tax benefit of $219  329   329   (329)   329
Other comprehensive income, net of tax  329   329   (329)   329
COMPREHENSIVE LOSS$ (8,040) $ (2,106) $ 2,106 $ (8,040)
              
              
              
   Six Months Ended July 30, 2011
   Saks Guarantor     
   Incorporated Subsidiaries Eliminations Consolidated
NET INCOME$ 20,040 $ 33,323 $ (33,323) $ 20,040
Other comprehensive income:            
 Defined benefit plans:           
  Amortization of net loss included in net periodic benefit cost,            
   net of a tax benefit of $450  677   677   (677)   677
Other comprehensive income, net of tax  677   677   (677)   677
COMPREHENSIVE INCOME$ 20,717 $ 34,000 $ (34,000) $ 20,717
  
Condensed Consolidating Statements of Cash Flows
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JULY 28, 2012
(Dollar amounts in thousands)
(Unaudited)

 

   Saks Guarantor      
   Incorporated Subsidiaries Eliminations Consolidated
OPERATING ACTIVITIES           
Net income$ 19,848 $ 29,289 $ (29,289) $ 19,848
Adjustments to reconcile net income to net cash provided by operating activities:           
 Equity in earnings of subsidiaries  (29,289)      29,289   ―
 Depreciation and amortization     59,072      59,072
 Stock-based compensation     8,390      8,390
 Amortization of discount on convertible notes  6,910         6,910
 Deferred income taxes  165   5,729      5,894
 Impairments and dispositions     4,356      4,356
 Excess tax benefit from stock-based compensation     (8,949)      (8,949)
 Gain on sale of property and equipment     (180)      (180)
 Other non-cash items     1,415      1,415
 Changes in operating assets and liabilities, net  3,968   (38,582)      (34,614)
NET CASH PROVIDED BY OPERATING ACTIVITIES  1,602   60,540   ―   62,142
INVESTING ACTIVITIES           
Purchases of property and equipment     (49,768)      (49,768)
Proceeds from the sale of property and equipment     180      180
NET CASH USED IN INVESTING ACTIVITIES  ―   (49,588)   ―   (49,588)
FINANCING ACTIVITIES           
Intercompany borrowings  16,459   (16,459)      ―
Payments of capital lease obligations     (3,906)      (3,906)
Repurchase of common stock  (79,006)         (79,006)
Excess tax benefit from stock-based compensation     8,949      8,949
Net proceeds from the issuance of common stock  214         214
NET CASH USED IN FINANCING ACTIVITIES  (62,333)   (11,416)   ―   (73,749)
DECREASE IN CASH AND CASH EQUIVALENTS  (60,731)   (464)      (61,195)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD  195,449   4,727      200,176
CASH AND CASH EQUIVALENTS AT END OF PERIOD$ 134,718 $ 4,263 $ ― $ 138,981
SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JULY 30, 2011
(Dollar amounts in thousands)
(Unaudited)

 

              
   Saks Guarantor      
   Incorporated Subsidiaries Eliminations Consolidated
OPERATING ACTIVITIES           
Net income$ 20,040 $ 33,323 $ (33,323) $ 20,040
Adjustments to reconcile net income to net cash provided by (used in) operating activities:           
 Equity in earnings of subsidiaries  (33,323)      33,323   ―
 Loss on extinguishment of debt  539         539
 Depreciation and amortization     58,092      58,092
 Stock-based compensation     8,152      8,152
 Amortization of discount on convertible notes  6,324         6,324
 Deferred income taxes  (121)   11,256      11,135
 Impairments and dispositions     (12)      (12)
 Excess tax benefit from stock-based compensation     (753)      (753)
 Gain on sale of property and equipment     (156)      (156)
 Other non-cash items     1,127      1,127
 Changes in operating assets and liabilities, net  336   28,644      28,980
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES  (6,205)   139,673   ―   133,468
INVESTING ACTIVITIES           
Purchases of property and equipment     (30,153)      (30,153)
Proceeds from the sale of property and equipment     156      156
NET CASH USED IN INVESTING ACTIVITIES  ―   (29,997)   ―   (29,997)
FINANCING ACTIVITIES           
Intercompany borrowings  105,213   (105,213)      ―
Payments of long-term debt  (2,438)         (2,438)
Payments of capital lease obligations     (3,174)      (3,174)
Payment of financing fees  (2,961)         (2,961)
Excess tax benefit from stock-based compensation     753      753
Net proceeds from the issuance of common stock  460         460
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES  100,274   (107,634)   ―   (7,360)
INCREASE IN CASH AND CASH EQUIVALENTS  94,069   2,042      96,111
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD  190,007   7,859      197,866
CASH AND CASH EQUIVALENTS AT END OF PERIOD$ 284,076 $ 9,901 $ ― $ 293,977