Advance Auto Parts 2008 Annual Report Download - page 59

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Years Ended January 3, 2009, December 29, 2007 and December 30, 2006
(in thousands, except per share data)
The accompanying notes to consolidated financial statements
are an integral part of these statements.
F-5
2008 2007 2006
(53 weeks) (52 weeks) (52 weeks)
Net sales 5,142,255$ 4,844,404$ 4,616,503$
Cost of sales, includin
g
p
urchasin
g
and warehousin
g
costs 2,679,191 2,523,435 2,415,339
Gross profit 2,463,064 2,320,969 2,201,164
2,048,137 1,904,540 1,797,814
Operating income 414,927 416,429 403,350
Other, net:
Interest expense (33,729) (34,809) (35,992)
Gain on extinguishment of debt - - 986
Other (expense) income, net (506) 1,014 1,571
Total other, net (34,235) (33,795) (33,435)
Income before provision for income taxes 380,692 382,634 369,915
Provision for income taxes 142,654 144,317 138,597
Net income 238,038 238,317 231,318
Basic earnin
g
s per share 2.51$ 2.30$ 2.18$
Diluted earnin
g
s per share 2.50$ 2.28$ 2.16$
Average common shares outstanding 94,655 103,826 106,129
Dilutive effect of share-based compensation 650 828 995
Average common shares outstanding - assuming dilutio
n
95,305 104,654 107,124
Fiscal Years
Selling, general and administrative expenses