AutoZone 2003 Annual Report Download - page 33

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30
Financial Review
(continued)
The following table summarizes the effect of restructuring and impairment charges on operating results for fiscal 2001.
Fiscal 2001
Results of
Operations
Excluding
Restructuring Restructuring
Fiscal 2001 and and
Results of Percent of Impairment Impairment Percent of
(in thousands, except per share and percentage data) Operations Revenue Charges Charges Revenue
Net sales $4,818,185 100.0% $ — $4,818,185 100.0%
Cost of goods sold 2,804,896 58.2% (30,133) 2,774,763 57.6%
Gross profit 2,013,289 41.8% 30,133 2,043,422 42.4%
Operating expenses 1,498,909 31.1% — 1,498,909 31.1%
Restructuring and impairment charges 126,689 2.7% (126,689) — —%
Operating profit 387,691 8.0% 156,822 544,513 11.3%
Interest expense, net 100,665 2.1% — 100,665 2.1%
Income before taxes 287,026 5.9% 156,822 443,848 9.2%
Income taxes 111,500 2.3% 61,000 172,500 3.6%
Net income $ 175,526 3.6% $ 95,822 $ 271,348 5.6%
Diluted earnings per share $ 1.54 $ 0.84 $ 2.38