Table T-5.11
J.C. Penney Company Inc.
Normalized Income Statement
1998
1997
1996
Sales
100
100
100
Cost of Goods Sold
71
70
69
Gross Profit
29
30
31
Operating Expenses
24
25
26
Operating Profit
5
5
5
Interest
2
2
1
Other
2
2
1
Profit before tax
3
3
4
Tax
1
1
1
Profit after tax
2
2
2
Source: J.C. Penney Company Inc. 1998 Annual Report