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1’04฀Annual฀Report
2004฀F i n a n c i a l ฀ H i g h l i g h t s
U.S.฀Retail฀–฀84%
Commercial฀–฀13%
Mexico฀/฀Other฀–฀3%
Fiscal: ’00 ’01 ’02 ’03 ’04
0
5
10
15
20
25
30%
Impact฀of฀restructuring฀and฀impairment฀charges
After-Tax฀Return฀on฀Invested฀Capital
F2004฀Sales฀by฀Strategic฀Priority
0
5
10
15
20
25
30
Fiscal฀Year฀Ended฀August
(Dollars฀in฀millions,฀except฀per฀share฀data) ฀ 2000 ฀ 2001(1) ฀ 2002 ฀ 2003 ฀ 2004
Selected฀Financial฀Data
Net฀Sales $4,483 $4,818 $5,326 $5,457 $5,637
Operating฀Profit 512 388 771 918 999
Diluted฀Earnings฀per฀Share 2.00 1.54 4.00 5.34 6.56
After-Tax฀Return฀on฀Invested฀Capital 12.9% 13.4%(2) 19.8% 23.4% 25.1%
Same฀Store฀Sales฀Growth +5% +4% +9% +3% 0%
Operating฀Margin 11.4% 8.0% 14.5% 16.8% 17.7%
Cash฀Flow฀from฀Operations $฀ ฀506 $฀ ฀467 $฀ ฀736 $฀ ฀721 $฀ ฀638
(1)฀Fiscal฀year฀2001฀includes฀$157฀million฀of฀pre-tax฀restructuring฀and฀impairment฀charges.
(2)฀Excludes฀the฀impact฀of฀the฀restructuring฀and฀impairment฀charges฀recorded฀in฀fiscal฀year฀2001.
Fiscal:
Sales฀(Dollars฀in฀Billions)
0
1000
2000
3000
4000
5000
6000
0
1
2
3
4
5
$6
0
200
400
600
800
1000
0
1
2
3
4
5
6
7
0
5
10
15
20
25
30
40
42
44
46
48
50
28
29
30
31
32
33
34
35
Fiscal:
Diluted฀Earnings฀Per฀Share
SG&A฀to฀Sales฀Ratio
0
2.00
3.00
6.00
$7.00
1.00
4.00
5.00
Fiscal:
Operating฀Profit฀(Dollars฀in฀Millions)
’01
0
200
400
600
800
$1,000
Impact฀of฀restructuring฀and฀impairment฀charges
-100
-50
0
50
100
150
200
250
Fiscal:
Working฀Capital฀Investment฀(Dollars฀in฀Millions)
’00 ’01 ’02 ’03 ’04
0
50
100
200
$250
-50
-100
150
0
20
40
60
80
100
Fiscal:
Accounts฀Payable฀to฀Inventory
0
20
40
60
80
100%
0
30
60
90
120
150
Fiscal:
Total฀Shares฀Outstanding฀(in฀Millions)
0
30
60
90
120
150
Impact฀of฀restructuring฀and฀impairment฀charges
Fiscal:
0
5
10
15
20
25
30%
Impact฀of฀restructuring฀and฀impairment฀charges
After-Tax฀Return฀on฀Invested฀Capital
0
5
10
15
20
Fiscal:
0
5
10
15
20%
Impact฀of฀restructuring฀and฀impairment฀charges
Operating฀Margin
Fiscal:
0
42
44
46
48
50%
Impact฀of฀restructuring฀and฀impairment฀charges
Gross฀Margin฀to฀Sales฀Ratio
Fiscal: ’99 ’00 ’01 ’02 ’03 ’04
0
30
31
32
34
35%
29
33
Before฀restructuring฀and฀impairment฀charges
(See฀management฀discussion฀on฀reconciliations)
’00 ’01 ’02 ’03 ’04
’00 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’04
’03
’02
’01
’00
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’04
’03
’02
’01
’00
Fiscal:
Sales฀(Dollars฀in฀Billions)
0
1000
2000
3000
4000
5000
6000
0
1
2
3
4
5
$6
0
200
400
600
800
1000
0
1
2
3
4
5
6
7
0
5
10
15
20
25
30
40
42
44
46
48
50
28
29
30
31
32
33
34
35
Fiscal:
Diluted฀Earnings฀Per฀Share
SG&A฀to฀Sales฀Ratio
0
2.00
3.00
6.00
$7.00
1.00
4.00
5.00
Fiscal:
Operating฀Profit฀(Dollars฀in฀Millions)
’01
0
200
400
600
800
$1,000
Impact฀of฀restructuring฀and฀impairment฀charges
-100
-50
0
50
100
150
200
250
Fiscal:
Working฀Capital฀Investment฀(Dollars฀in฀Millions)
’00 ’01 ’02 ’03 ’04
0
50
100
200
$250
-50
-100
150
0
20
40
60
80
100
Fiscal:
Accounts฀Payable฀to฀Inventory
0
20
40
60
80
100%
0
30
60
90
120
150
Fiscal:
Total฀Shares฀Outstanding฀(in฀Millions)
0
30
60
90
120
150
Impact฀of฀restructuring฀and฀impairment฀charges
Fiscal:
0
5
10
15
20
25
30%
Impact฀of฀restructuring฀and฀impairment฀charges
After-Tax฀Return฀on฀Invested฀Capital
0
5
10
15
20
Fiscal:
0
5
10
15
20%
Impact฀of฀restructuring฀and฀impairment฀charges
Operating฀Margin
Fiscal:
0
42
44
46
48
50%
Impact฀of฀restructuring฀and฀impairment฀charges
Gross฀Margin฀to฀Sales฀Ratio
Fiscal: ’99 ’00 ’01 ’02 ’03 ’04
0
30
31
32
34
35%
29
33
Before฀restructuring฀and฀impairment฀charges
(See฀management฀discussion฀on฀reconciliations)
’00 ’01 ’02 ’03 ’04
’00 ’02 ’03 ’04
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’04’03
’02’01
’00
’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04
’04’03’02’01
’00